SUPER-BANK OF EMPIRE

Taranaki Daily News, 30 January 1931, Page 7

SUPER-BANK OF EMPIRE

ENGLISH BANKER’S SCHEME RAISING VALUE OF SILVER (< CURE FOR ECONOMIC CRISIS RESERVE AT CENTRAL BANK By Telegraph—Presj Assn. —Copyright. •’London, Jan. 28. Expounding his ideas on a sUpCr-bank of the Empire before the Royal Empire Society, Mr. J. F. Darling, a director of the Midland Bank, said the cause of the world’s economic crisis was the discrepancy between the relative values of gold and silver. Equilibrium could be restored through raising the value of silver by backing it with gold. A super-bank of the Empire would take over by purchase the existing stocks of gold and silver held by governments and banks issuing currency within the Empire. Those stocks would be paid for in “Rex,” which would be the Bank of Empire’s monetary unit. Instead of holding, gold against currency and notes the issuing banks and the goveriynents would hold the balance at the Bank of Empire in "Rex,” but the actual currencies need not be changed. The price of silver could be raised from 14d per standard ounce to 47d per ounce.