LATE MESSAGES

Greymouth Evening Star, 29 April 1925, Page 2

LATE MESSAGES

: MELBOURNE, April 29. Owing to the fact that customs and excise receipts already show liis estii mate of revenue from, that source was greatly under the mark, the Federal Treasurer expects that . the. financial . year will end with another large surplus, which, may reach between 4g to live millions. » ' ' LONDON, April 28. Mr Churchill, announcing a return to the gold standard, said that such return was the long settled policy of the countiw., The only, question had been the difficult and delicate one of how and when. The report of the Chamberlain Committee • had convinced the Government, which intended to follow. the Committee’s recommendations in every respect. Mr. Churchill emphasised that this was the most favourable moment to return to the gold standard, in view of the political and economic stability at both sides of the Atlantic. It would bo unnecessary to adopt gold coinage. He appealed, to all classes to continue to UjSe. notes. He would ,introduce a bill providing that until otherwise provided by proclamation, the Bank of England and ‘'Treasury notes would be convertible to gold only at the option of the Bank of England, anti the right of tending bid lion at- the mint to be coined, ,woulds be confined in future legally to the Bank of England, which would be required to sell gold bullion in amounts of not less than four hundred fine ounces, or exchange for legal tender, at the fixed price of 77/10? per standard ounce. . .:,' ... J •