THE RESERVE BANK

Manawatu Standard, Volume LIII, Issue 253, 22 September 1933, Page 7

THE RESERVE BANK

PROPOSAL SUPPORTED. RECOVERY OF FINANCES. LONDON TIMES COMMENT (United Press Association.—-By Electric Telegraph.—Copyright.) LONDON, Sept. 21. In an editorial the Times says: —■ “Nothing could be further from the truth than the suggestion that the New Zealand Reserve Bank Bill is partly inspired by a desire of the British monetary authorities to dictate to New Zealand in monetary policy. “On the contrary, the creation of a reserve bank, which everywhere is recognised as a symbol of financial maturity, is the surest guarantee of independence. It has the advantage of centralising the country’s cash resources, rendering them most easily available in time of need. “Meanwhile, it is satisfactory to note that New Zealand’s finances show definite signs of recovery. Negotiations for conversion of £5,000,000 are proceeding, and there need be no feai that New Zealand will be robbed of the fruits of the cautious and responsible policy, pursued for many years. New Zealand’s credit is deservedly high in London, and it would be a pity if an acute controversy over a reserve bank is permitted to impair her excellent financial reputation.”