EMPIRE CURRENCY

Evening Post, Volume CXIII, Issue 142, 17 June 1932, Page 7

EMPIRE CURRENCY

PARITY IMPRACTICABLE

BUT STABLE WITH STERLING

(Eeceived 17th June, 11 a,m.)

CANBEBBA, This Day.

Commenting on the recent cabled references to an Empire currency, Mr. Stanley Bruce, Assistant Minister; said that while itwas possible that Tain,-, able, steps can be taken at Ottawa to link" Empire currency into a stable and harmonious system, they could' hot be , such as would endanger Australian primary .industries, fit. is impracticable at present," he said, I'to. bring about a' parity • between currencies .in the different parts of the Empire on the basis suggested in,some quarters^There is, however, a broader sense in. which an Empire currency is not only & possibility, but a very lively, hope. It may be possible for the Dominions to agree to link, their currencies with sterling at ratios which can be kept' fairly stable, though different for-each Dominion. Measures then ■ can be concerted for keeping sterling, and therefore'the whole, system under control. With such a basis, of stable exchange through a wide'range of countries^ it may be possible to plan, a number of measures for the- promotion of Jower interest rates and the encouragement of investment which wouldiassist a general recovery within the sterling .group and give a lead to the world. V