POUND STERLING

New Zealand Herald, Volume LXXI, Issue 21716, 3 February 1934, Page 11

POUND STERLING

STRENGTH OF POSITION BRITISH BANKERS' OPINIONS LONDON, Feb. 1 At a meeting of shareholders in the National Provincial Bank Mr. Colin F. Campbell, who presided, said the position of the pound sterling to-day was one of unique strength and prestige. " I am convinced it will remain so as long as w«j are not led away into commodity values, silver values or any basis but gold," said Mr. Campbell. "The time may not be ripe for the restoration of the gold standard, but the forces that favour stabilisation seem to be growing in strength in America. " We may bo sure that any possibility of restoring steadiness to exchanges with due safeguards for the working of the world money market will bo welcomed by an immense majority of business opinion in Britain." At a meeting of shareholders in the Westminster Bank Mr. Rupert Beckett, chairman, remarked that policies of narrow economic nationalisation were still on the ascendant. Apparently allembracing world agreements were impossible. British policy should bo directed toward achieving agreement for a freer movement of trade and a greater steadiness of currencies within the largest possible group of nations. Tho British Government was in a strong position to pursue this policy.