EMPIRE BANK.

Timaru Herald, Volume CXXIII, 9 October 1926, Page 9

EMPIRE BANK.

AUSTRALIAN VIEAV OF CENTRAL RESERVE. By Cable—Press Association —Copyrlrkt. Aualralian and N.Z. Cable Association, (Received October 8,. 9.50 p.m.) LONDON, October 7. “The Financial Times ” gives prominence to a cable from Sydney wherein Dr.. Earl Page (Federal Treasurer), in an interview, expressed gratification at the visit of Mr Harvey (Comptroller of the Bank of England). The paper says editorially: “The subject of a central reserve bank, is almost, sure, to be prominent at the Imperial Conference. ’ Dr. Page clearly percieves the mutual advantages which w-ould accrue from the growth of central banking in different parts of the Empire, and the co-ordination of policy, as far as practicable among constituent States. The benefits of a Central Bank may not always he obvious, and certainly will occasionally give rise to discussions, which may throw doubt upon the wisdom of the- step taken; nevertheless, the advantages are real and valuable. The steady addition to the number of central banks, and increased intimacy of contract between them, must make for stability and the checking of abuses such as speculative outbursts and soaring prices, which, if left alone, might derange the working of the monetary machine.”