MONETARY STABILITY
EMPIRE’S GREAT NEED REAL BASIS OF OTTAWA LONDON, Oct. 15. The Financial Times, in an editorial on “Empire Banking,” recalls the announcement of the New Zealand Reserve Bank that no alteration in the London exchange rate is contemplated for a long time, and says:— “Equally important action will no doubt have to be taken by other new Dominion central banks within a measurable space of time. It is hoped that tlie example will be followed and that alterations in the inter-imperial rates will be few and far between; indeed, Imperial monetary stability is the real basis of the Ottawa agreements.
“Imperial co-operation with London in this connection is essential and postulates the need of some practical form of frequent consultations, in which London will listen to the Dominions besides seeking to advise them. Each Dominion, however, possesses a full measure of independence as regards its internal monetary policy, which no one in London would seek to circumscribe.”
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Bibliographic details
Poverty Bay Herald, Volume LXI, Issue 18529, 16 October 1934, Page 7
Word Count
159MONETARY STABILITY Poverty Bay Herald, Volume LXI, Issue 18529, 16 October 1934, Page 7
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