PROBLEMS OF COMMERCE.
GOLD TO COVER CREDITS.
FAR-REACHING MOVE
FACILITATING BUSINESS.
Ottawa, August 12.
By arrangement with the Bank of England, the Finance Minister will act as trustee to hold gold for the Bank of England, thus allowing Canadian and American bankers to pay through the Minister here the gold necessary for credits in Great Britain.
This far-reaching move means that Canada's crops and the United States' exports will reach GreatBritain just as if no financial crisis involved these countries. The Canadian press praises this action in the highest terms.
A somewhat similar arrangement is being made in South Africa, and it is suggested that Australia shoukl do the same. This would greatly improve exchange facilities.
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Bibliographic details
New Zealand Herald, Volume LI, Issue 15687, 14 August 1914, Page 6
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116PROBLEMS OF COMMERCE. New Zealand Herald, Volume LI, Issue 15687, 14 August 1914, Page 6
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