CENTRAL BANK.
Canada Adopts New System. United Frees Assn.—By Electric Telegraph—Copyright. (Received February 23, 2 p.m.) OTTAWA, February 22 Following closely the lines laid down by the Macmillan Royal Commission, the Government introduced legislation to-day creating a Central Bank, to be known as “ The Bank of Canada,” the capital and stock of which will be publicly owned. The legislation providesc that the bank will have the sole right of note issue, subject to limited circulation by the chartered banks, which, however. will not be deprived of their note issue privileges immediately. . From year to year they will be required to redeem their notes until 75 per cent are retired. By 1945 the new bank will gather to itself all the gold resources of the chartered banks at the price of 20 dollars 67 cents an ounce. The legislation also gives the Government power to require the transfer to it of all gold privately held in Canada. A resolution for the establishment of the bank was approved and it now goes to the Banking and Commerce Committee of Parliament.
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Bibliographic details
Star (Christchurch), Volume LXVI, Issue 20238, 23 February 1934, Page 7
Word Count
178CENTRAL BANK. Star (Christchurch), Volume LXVI, Issue 20238, 23 February 1934, Page 7
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