EMPIRE CURRENCY

New Zealand Times, Volume L, Issue 11663, 30 October 1923, Page 6

EMPIRE CURRENCY

AUSTRALASIA IN FAVOUR MR BRUCE SAYS PRESENT SYSTEM INTOLERABLE. SOUTH AFRICA OPPOSED. By Telegraph—Press Assn.—Copyright Keuter's Telegram. LONDON, October 23. The scheme of Ernpiie currency bills for countries using sterling currency, proposed by Air John Ford Darling, a director of the London Joint City and Midland Bank, occupied a prominent place at the sitting of the Fco nomio Conference. Sir James Allen, on behalf of Air Massey, who was unavoidably absent, made a statement drawing attention to the difficulties in regard to exchange on remittances of money, which seriously interfered with New Zealand trade. He expressed the opinion that the banks were charging unjustifiable rates, and suggested that the question should he referred to a committee of expert*, empowered to summon Air Darling, Treasury officers, and others. The committee should also consider the alternative scheme submitted by Sir Jaimes Cooper, deputy chairman of the British-Australasian Wool Realisation Association, which generally the lines of Air Darling’s plr*.* TREASURY’S VlEIf Air Stanley Brace dwell? Vnecessity of examining Air Da Tins'a 'proposals carefully, because the.?_ adaption would involve a complete reversal of the banking system in Australia. Nevertheless it was absolutely necessary to fiod a remedy for the intolerable situation. . , _ , Mr W. E. Guinnees said he thought the committee should not be limited to the consideration of Air Darling’s scheme, but should focus its attention on the real evils. The declared Treasury view waa that the Darling scheme would cause an unnecessarily great disturbance, even if it were practicable. He pointed out that such a scheme was unnecessary if sterling regained gold parity. . Air H. Bill ton (South Africa) opposed the scheme. He declared that whatever anybody else did. South Africa would certainly not adopt the scheme. He contended that there were only two remedies, one of which would automatically disappear if they returned to gold. The other was that the Dominions should establish a central reserve bank.

It was finally decided to appoint a committee, with broad terms or reference.