THE GOLD STANDARD.

Hawera Star, Volume XLV, 30 April 1925, Page 9

THE GOLD STANDARD.

POSITION IN AUSTRALIA. ALTERATION IN EXCHANGE RATES. BANKS CONSIDERING THE POSITION. U¥ CABLE—PRESS ASSOCIATION —COPYRIGHT Received April 30, noon. SYDNEY, April 30. Following upon the announcement of the return to the gold standard, an in formal meeting of representatives of the associated hanks was held to discuss the position. A . formal meeting will be called in Melbourne to-day or to-morrow, to further consider ' tue situation. It is anticipated that an outcome will be a considerable alteration in exchange rates at an early date. Though it was known that the Commonwealth Bank Board had advised the Federal Government to remove all restrictions on the export of gold as from Ist May, the discussion of ttoe Government to fall into line with the British Government as from yesterday came as somewhat of a surprise to the hankers. Some demand was made at the banks yesterday for gold for notes, but it was not large. The Herald comments that the return to the gold standard is a matter for congratulation. “We now enjoy a stable currency and an exchange which .will fluctuate ony slightly more which will fluctuate only slightly more that the health of the commerce of world trade should improve and it will be possible now to take a long view in commerce, to prepare for future development, and not Be forced to be content with the subsistence of ttoe month. Rectification of the exchange rates should he announced before the week closes.”