CANADIAN FINANCES

Stratford Evening Post, Volume II, Issue 228, 26 April 1933, Page 6

CANADIAN FINANCES

i SUSPENSION °GF REDEMP- | TION OF NOTES IN GOLD I Press Association. —Copyright. >. Ottawa, April 24.—The Minister of j Finance, Mr. E. N. Rhodes, in the course of a statement in the House of j Commons said that an Order-in-Coun-I cil had been passed two weeks ago ] suspending the redemption of Dominion notes in gold, j Mr. Rhodes, answering a question, said ihe did not recollect the date the sus- | pension became effective, but he would S table the order on Tuesday. An amend- ‘ ment to the Dominion Notes Act passed ! a month ago authorised the Governor-in- | Council to suspend redemption in gold i whenever he deemed it advisable.

Mr. Rhodes explained that the move was merely for the purpose of regularising a situation that had been in existence since Britain went off the gold standard. There had been no redemptions in gold since that date except in small quantities for personal purposes. The fact that embargo on the exportation of goid from Canada applied as soon as Britain abandoned gold nullified any advantage that might be gained by securing notes i'ouf ihe gold.