NEW CENTRAL BANK
CANADIAN LEGISLATION Sole Right of Note Issue PUBLICLY OWNED STOCK (By Telegraph—Press Assn.—Copyright.) (Received 23, 1.20 p.m.) OTTAWA, Feb. 2*" Following closely the line* laid down by the Macmillan Royal Commission the Government introduced legislation on Thursday creating a central bank known as “The Bank of Canada,” the capital stock of which will be publicly owned.
The legislation provides th** the bank will have the sole right of note issue, subject to limited circulation by the chartered banks, which, however, will not be deprived of their note issue privileges immediately. From year to year they will be required to redeem their notes until 75 per cent are retired by 1945.
The new bank will gather to itaeif all the gold resources of the chartered banks at a price of 20 dollars 67 cents an ounce.
The legislation also gives the Goveminent power to require uhe transfer to it of all gold privately held ia Canada.
The resolution for the establishment of the bank has now been approved. Il now goes to the banking and commejui committee of Parliament.
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Bibliographic details
Hawke's Bay Tribune, Volume XXIV, Issue 62, 23 February 1934, Page 5
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181NEW CENTRAL BANK Hawke's Bay Tribune, Volume XXIV, Issue 62, 23 February 1934, Page 5
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