AUSTRALIA’S CREDIT
BANK AMENDMENT BILL THE PROPOSALS OUTLINED., > CANBERRA, May 12. The Commonwealth Bank Amendment Bill was read a second time in the House of Representatives. It empowers the Government to transfer the whole of the Australian gold reserve into English sterling. Mr S. M. Bruce (Assistant Treasurer) explained that as the Commonwealth Bank Board controlled the exchange jt could be relied upon to deal with it in a manner best calculated to maintain the credit of Australia. The measure provided that any profit from the sale of the gold and the purchase of sterling should be transferred to a special reserve account and be available for fertilising exchange, or for the note issue department.
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Otago Daily Times, Issue 21643, 13 May 1932, Page 7
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115AUSTRALIA’S CREDIT Otago Daily Times, Issue 21643, 13 May 1932, Page 7
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