IMPORTANT CHANGES INDICATED

Evening Post, Volume CXVI, Issue 96, 20 October 1933, Page 5

IMPORTANT CHANGES INDICATED

BILL INTRODUCED IN HOUSE

MIXED RECEPTION FROM MEMBERS

Changes of vital importance are disclosed in the revised Reserve Bank of New Zealand Bill, which was introduced in the House of Representatives last night. The element of State control has been greatly strengthened, and a drastic alteration effected in the constitution of the directorate, which will be wholly subject to Government appointment until the shareholders exercise their first right of election in 1936. On the much-debated question of the terms on which gold coin and bullion held by the trading banks will be taken over, the Bill takes the "short cut," and assesses it on the book value of £3 17s 10|d per ounce. The original provision for monopoly issue of notes has been modified by the elimination of the important word "sole" from the governing clause, and the measure also makes it clear that the bank will not be required at any specific date to bring the rate of exchange on London closer to parity.