RESERVE BANK GOLD.
Australian authorities combat the statement that a precedent created in Australia was followed in the provisions made in the Reserve Bank of New Zealand Act giving power to the Reserve Bank to take over the gold of the trading banks at par value in exchange for notes, and that any profit accruing from its sale shall be paid into the public Treasury. Bankers in Melbourne state that when the gold of the trading banks in Australia was acquired by the Commonwealth Bank a condition of national emergency prevailed. Gold was essential to enable the Commonwealth Government to meet external obligations, and quantities were shipped to London from time to time on Government account. At that stage gold had not risen in price above par, and the banks were given the full equivalent of the value of their gold in London exchange.
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https://paperspast.natlib.govt.nz/newspapers/EP19331213.2.169
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Evening Post, Volume CXVI, Issue 142, 13 December 1933, Page 12
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144RESERVE BANK GOLD. Evening Post, Volume CXVI, Issue 142, 13 December 1933, Page 12
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