BANK CURRENCY

Southland Times, Issue 21183, 9 September 1930, Page 8

BANK CURRENCY

DOMINION’S PROBLEMS ARRIVAL OF SIR OTTO NIEMEYER CONFERENCE WITH GOVERNMENT ' (Per United Press Association.) Wellington, September S. Sir Otto Niemeyer, of the Bank of England, formerly Controller of Finance in the British Treasury, who recently visited Australia at the invitation of the Federal Ministry to discuss with Ministers and the Commonwealth Bank Board the financial position of Australia, arrived at Wellington to-day by the Makura from Sydney, accompanied by Mr R. M. Kershaw, liaison officer between the Bank of England and other banks of the Empire. Dr. T. E. G. Gregory, Professor of Banking of the University of London, who is the economic adviser of the mission, arrived in Wellington last week.

These financial authorities have come to New Zealand on the invitation of the Prime Minister to confer with the Government in connection with banking currency and exchange problems of the Dominion. As recently indicated by the acting-Prime Minister (the Hon. E. A. Ransom), the banking legislation of New Zealand was largely suspended by war regulations and the Government is anxious to avail itself of the advice of these- authorities in determining what system should be operative in the future. Sir Otto Niemeyer was welcomed by Lieutenant J. C. Elworthy, R.N. (A.D.C. -to the Governor-General), Messrs A. D. Park (Secretary of the Treasury), R, E. Adyes (financial adviser to the Government), D. Ardell (representing the Minister of Internal Affairs). Sir Otto Niemeyer met the acting-Prime Minister and his colleagues at a meeting of the Executive Council. Owing to the fact that Professor Gregory is leaving Wellington for San Francisco by the Makura tomorrow, Sir Otto is devoting to-day to consultation with him. The object of the visit of Sir Otto Niemeyer is primarily for the purpose stated by the acting-Prime Minister, but it is hoped that time will permit his being able to see some interesting features of the Dominion prior to his return to Australia. During his stay in Wellington, Sir Otto will be a guest of their Excellencies at Government House.