AUSTRALIAN COMMERCE.
ft GOVERNMENT'S SCHEME.
ISSUE OF PAPER CURRENCY.
(Rewired August 16, 5.S p.m.)
Melbourne, August 15.
The conference of the Federal Prime Minister, Mr. Joseph Cook, the Leader of the Opposition, Mr. Andrew Fisher, and the State Premiers, assembled to deal with the financial position arising from the war, has arrived at au arrangement bv which the State Governments will receive all the paper currency thev require upon depositing 23 per cent, of its value in gold in the Federal Treasury, and paying 4 per cent, interest on the balance. The conference also arranged that financial institutions should receive all the notes they require upon depositing 33 1-3 per cent, of their value in gold, and paying the bankrate of interest on the balance. On his return from the conference to-dav Mr. Holman, State Premier, stated ho was convinced that the Australian banking system-par-ticularly that of New South Wales -is the soundest in the world.
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Bibliographic details
New Zealand Herald, Volume LI, Issue 15689, 17 August 1914, Page 6
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156AUSTRALIAN COMMERCE. New Zealand Herald, Volume LI, Issue 15689, 17 August 1914, Page 6
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