Mr. Coates Commended

Stratford Evening Post, Volume II, Issue 355, 12 September 1933, Page 6

Mr. Coates Commended

CENTRAL BANK SCHEME Press Association. —Copyright. London, Sept. 10. The Daily Telegraph’s financial editor commends Mr. Coates’ advocacy of the establishment of a New Zealand reserve bank. The writer says Britain generally will agree with Mr. Coates’ assertion that the control of currency and credit should not be left in the hands of commercial banks.

After approving other points in favour of a central bank the Telegraph says. “Mr. Coates might have added another equally important point, namely, a reserve bank ensures sound exchange and freedom from arbitrary depreciations dictated by sectional interests.