MONETARY BASIS

Poverty Bay Herald, Volume LV, Issue 17738, 26 March 1932, Page 7

MONETARY BASIS

BIMETALLIC STANDARD ADVOCATED BY SIR R. HORNE LONDON, March G.

“The darkest cloud lias a silver lining,”'Sir Robert Horne, M.P., told tho Wool Research Association at Bradford, when urging the remonetisation of silver as a solution of the problems due to the scarcity of gold. “I am glad to see,” said Sir Robert, “that a recent statement of the Chancellor of tlie Exchequer, Mr Neville Chamberlain, showed that; the world required some metallic basis as the foundation of international exchange. “This implies the contemplated possibility of a return to a standard composed of gold and silver, which I believe the safest method for reversing the present disastrous deflation and alleviating future difficulties.” Sir Robert emphasised that America and Canada favored the restoration of silver. lie said lie believed that Australia at Ottawa would support Canada, and that as a result Britain would he asked to consider a monetary ’policy with regard to gold and silver. “I believe,” added Sir Robert, “that tho Empire is able alone to establish a currency suiting its component parts, ami America and Britain conjointly should be able to establish a bimetallic standard which would contribute, to the solution of the most difficult financial problems.”