THE RESERVE BANK
COMMENCEMENT OF OPERATIONS NOTES READY FOR ISSUE (Feb United Press Association.) WELLINGTON, July SO. The end of an epoch in thf banking history of New Zealand and the beginning of a new era in the economic progress of the Dominion will be marked by the opening for business on WednesdLy ot the Reserve Bank of New Zealand, the primary duty of which, as defined by the Act of last year, is " to exercise control within the limits conferred on it by this Act over monetary circulation and credit in New Zealand to the end that the economic welfare of the Dominion may be promoted and maintained from the point of view of the general public." The first outward manifestation of the functioning of the Reserve Bank will be the issue as from Wednesday by the trading banks in every town in New Zealand of its new notes, which are to replace those hitherto issued by the six commercial banks doing business in the J ominion. The Act provides that as fi'om August 1. 1934, the Reserve Bank shall have the sole right of note issue in New Zealand and that the issues by the commercial banks shall cease on Wednesday.
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Otago Daily Times, Issue 22328, 31 July 1934, Page 10
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203THE RESERVE BANK Otago Daily Times, Issue 22328, 31 July 1934, Page 10
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