MANAGED CURRENCY.

Wairarapa Age, 18 May 1932, Page 4

MANAGED CURRENCY.

THE QUESTION OF CONTROL. Some consideration was given by the Masterton Chamber of Commerce yesterday to a recent resolution of the Associated Chambers which stated, in part, that the association would view sympathetically the adoption of a managed currency for the purpose of bridging the hiatus between the present standard of currency and world prices, “if such system is authoritatively put forward by Great Britain at the (Ottawa) Conference and provided the management in New Zealand of such a scheme is entrusted to a private banking organisation divorced absolutely from Government control.” It was observed in ’discussion that while the authority dealing with a managed currency certainly should be free from political control, the term “private banking organisation” used by the association might be inadvisable. The aim, it was suggested, should be to create for the management of the currency an authority which, while being definitely of a public character, though entirely free from political or Ministerial interference, should enjoy a standing analagous to that of the judiciary. It was agreed that the association should be invited to reconsider from this standpoint its definition of an authority to control a managed currency.