MONETARY SYSTEM
UNIFOM INTERNATIONAL CURRENCY. DISCUSSION FOR OTTAWA CONFERENCE. EMPIRE SHOULD" LEAD THE WAY. (U.P.A. bv Elec. Tel. Copyright) OTTAWA. Jan. 13. A memorandum for Ottawa by the Empire’s Chambers of Commerce recommends a uniform monetary system, and points . out that though most of the Empire countries are off the gold standard they are obliged to depress prices by currency contraction in order to compete in tho world markets.
The only group of nations sufficiently powerful and self-contained to stop the present progressive deflation is the Empire. It would be essential while the Empire countries are expanding their currencies ’ and raising prices to a profitable level that they should insulate themselves against the competition of outside nations which continue a deflationary course.
A central bank under a uniform Imperial system could collaborate, enabling the equilibrisation of mutual balance payments, substituting the same for suicidal competition. A national is preferablo to an international system, the most modern procedure being the central banking practice, with the re-discounting of commercial bills as a backing for currency.
Tho memorandum advocates the constitution of an Imperial general economic staff, and favors a preferential column appearing in every country’s tariff schedule; also bilateral agreements covering special concessions.
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Bibliographic details
Gisborne Times, Volume LXXIII, Issue 11538, 15 January 1932, Page 5
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201MONETARY SYSTEM Gisborne Times, Volume LXXIII, Issue 11538, 15 January 1932, Page 5
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