AUSTRALIA’S FINANCES
THE COMMONWEALTH BANK MR BRUCE’S PROPOSAL. Pres* Association —By Telegraph—Copyright. CANBERRA, May 4. (Received May 4, at 10 a.m.) In the House of Representatives Mr Bruce gave notice of his intention to introduce a Bill to amend the Commonwealth Bank Act. The proposal embodied in the Bill is to give authority to the Commonwealth Bank Board to hold part of the reserve against the note issue in sterling, based on the English pound. In other words, part of the reserve may be held in gol I or sterling at the discretion of the Commonwealth Bank Board. The change will not necessarily involve the immediate shipment of part of the gold reserve. The amending Bill merely authorises the Commonwealth Bank Board to take action if deemed advisable. The question is linked with the steps which have been indicated in the recent action of the British Government for the stabilisation of sterling by the provision of a fund of £150,000,000 for the purpose.
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Evening Star, Issue 21093, 4 May 1932, Page 9
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163AUSTRALIA’S FINANCES Evening Star, Issue 21093, 4 May 1932, Page 9
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