TIME WILL SHOW.

Star (Christchurch), Volume LXVI, Issue 20298, 7 May 1934, Page 1

TIME WILL SHOW.

English Comment on Central Banks. NEW ZEALAND CURRENCY. United Press Assn.—By Electric Telegraph—Copyright. (Received May 7, 9.55 a.m.) LONDON, May 6. The “ Midland Bank Review,” discussing the pending establishment of central banks in New Zealand, Canada and India says: “Time alone will show whether they will contribute to a more intimate association, framing and executing a broadly-conceived Imperial monetary and financial policy. Experience alone will also show whether the new banks will do within their own countries something worth doing, but not previously done, or do better something already indifferently attempted. The chief virtue of the new banks will be the removal of doubt where responsibility for monetary conditions rests. “ The most interesting gesture in New Zealand’s plans is as to the rate of redeemability of the notes, which is within the discretion of the Reserve Bank. It would be untrue to say that New Zealand currency is on the sterling standard.”