CENTRAL BANK
; TO BE ESTABLISHED SOLE RIGHT OF NOTE ISSUE STATEMENT BY PRIME MINISTER (Per United Press Association.) Wellington, September 23. Legislation is to be introduced during the present session of Parliament to provide for the establishment of a Central Reserve Bank in New Zealand. The Prime Minister said that with modifications as the result both of inquiries made by Mr Coates at Ottawa and the Minister of Finance (Mr Downie Stewart) in England, legislation would be introduced giving effect to the general recommendations of Sir Otto Niemeyer whose report on‘the subject had been receiving the consideration of the Government for some time. The main recommendation made by Sir Otto Niemeyer in the report on banking and currency in New Zealand was that a Central Reserve Bank should be established in New Zealand with the sole right of note issue in the Dominion. Shares for the Central Reserve Bank will be open for public subscription and the bank will also hold reserves of the Government of New Zealand.
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Bibliographic details
Southland Times, Issue 21821, 26 September 1932, Page 8
Word Count
168CENTRAL BANK Southland Times, Issue 21821, 26 September 1932, Page 8
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