EMPIRE CURRENCY.

Star (Christchurch), Issue 17183, 29 October 1923, Page 1

EMPIRE CURRENCY.

DARLING SCHEME DISCUSSED. COMMITTEE APPOINTED TO INVESTIGATE. By Telegraph—Press Association—Copyright Reuter's Telegrams. (Received October 29, 9.1 a.m.) LONDON, October 28. The Darling scheme for Empire cur, reney bills in countries using sterling currency had a prominent place at the sitting of the Economic Conference. Sir James Alien, on behalf of Mr Massey, who was unavoidably absent, made a statement drawing attention to the difficulties with regard to remittances of money exchange, which seri-. cusly interfered with New Zealand trade. He expressed the opinion that the banks were charging unjustifiable rates and suggested that the question be referred to a committee of experts,

who would be empowered to summon Mr Darling and Treasury officials and others. The committee would also have to consider an alternative scheme submitted by Sir James Cooper, deputy, chairman of 8.A.W.R.A., which generally followed the lines of Mr Dar ling’s proposals. Mr Bruce „<Premier of Australia) dwelt on the necessity of examining Mr Darling’s proposals - carefully because in the event ,of his scheme being adopted, it would involve the complete, reversal of the banking system in Australia. Nevertheless, it was absolutely necessary to find a remedy for the intolerable situation. Lieutenant-Colonel Hon-AY. E. Guinness said lie thought that the committee should not be limited to the Dar, ling scheme but should focus its attention on the real evils. -He declared that- the Treasury view was that the Darling scheme would cause an unnecessarily great disturbance. Even if it was practicable, he pointed out, such n scheme would be unnecessary it the sterling regained a gold parity. Mr H. Burton (South Africa) opposed the scheme and declared that whatever anybody else did. South Africa would certainly not- accept the scheme. He contended that there were only two remedies, one of which would automatically disappear if a re turn was made to gold. The other was for the Dominions to establish a central reserve bank. Finally, it was decided to appoint a committee with broad terms of refer-