EXTRA EDITION.
GOLD STANDARD.
ITS RETURN URGED. NATIONAL BANK TO INCREASE CAPITAL. BY C.A Kim—Pß-Rfsp ASSOCIATION--COPYRIGHT Received July 3, 11.10 a.m. . . LONDON, July 2. The opinion that a general return to the gold standard is needed was expressed hy the Hon Pember Reeves, chairman of the National Bank of New Zealand, at the annual meeting in London. He said that whilst an excess of New Zeaalnd exports continued, with the resulting accumulation of New Zealand funds in London, rates must rule against the exporter and in favour of importers. A solution could only come when there was a general return* to the gold standard, when, if the. rate of exchange went beyond the' gold point, trade balances would be adjusted by gold shipments. The report and accounts were adopted, and at a subsequent extraordinary meeting a resolution wa s carried authorising the directors to increase the bank’s capital to £6,000,000 by the issue of 200,000 shares.—Reuter.
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Bibliographic details
Hawera Star, Volume XLVIII, 3 July 1924, Page 9
Word Count
156EXTRA EDITION. Hawera Star, Volume XLVIII, 3 July 1924, Page 9
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