NEW “RESERVE”
FOR AUSTRALIA’S NOTE ISSUE. PAPER INSTEAD OF GOLD < 4-us. & N.Z. Cable Assn). CANBERRA, May J. In the House of Representatives M;• Bruce gave notice of intention to introduce a bill to amend the Com,mon wealth Bank Act. The proposal embodied in the Bill i* to give authority to the Common wealth Bank Board to hold part of the reserve against the note issue in 'derling. based on the English pound. I i other words, part of the reserve ni.’ . held in gold or sterling, al. the discre ii' f the Commonwealth Bank Board, The change will not neces sarily involve an immediate shipment of part of the gold reserve. The ameii'iing bill merely authorised 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 million pounds for this purpose.
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Bibliographic details
Grey River Argus, 5 May 1932, Page 2
Word Count
163NEW “RESERVE” Grey River Argus, 5 May 1932, Page 2
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