EMPIRE CENTRAL BANKS
EXPERIENCE REAL TEST PLACE IN IMPERIAL POLICY LONDON, May G The Midland Bank Review, of which bank Mr. Reginald McKenna is chairman, discussing the pending establishment of central banks in New Zealand, Canada and India, says that time alone will show whether they will contribute a more intimate association in framing and executing a broadly conceived Imperial monetary and financial policy. Experience alone, also, will show whether the new banks will do within their own countries something which is worth doing, but has not been previously done, or will do bettei something which has already been indifferently attempted. - The chief virtue of the new banks will bo the removal of doubt where the responsibility for monetary conditions rests. The most interesting; gesture in New Zealand's plans concerns the rate of redeemability of notes, which is within the discretion of the Reserve Bank. It wquld be untrue to say that New Zealand currency is on sterling standard.
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New Zealand Herald, Volume LXXI, Issue 21794, 8 May 1934, Page 9
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159EMPIRE CENTRAL BANKS New Zealand Herald, Volume LXXI, Issue 21794, 8 May 1934, Page 9
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