CHAMBERS OF COMMERCE
MEMORANDUM FOR OTTAWA UNIFORM MONETARY SYSTEM OTTAWA, Jan. 1? A memornaclum for Ottawa by the Empire’s Chambers of Commerce recommends a uniform monetary system and points out that though most Empire countries arc off tho gold standards, they arc obliged to depress prices by currency contraction in order to compete in the world markets. The only group of nations sufficiently powerful and self-contained to stop the present progressive deflation is the Empire. It would be essential, while Empire countries arc expanding their currencies and raising prices to a profitable level, they insulate themselves against competition of outside nations, which, continue a deflatory course. Central banks under a uniform Empire system could collaborate, enabling equalisation and mutual balance of payments, substituting the same for suicidal competition. A nation is preferable to an international system, the most modern procedure being the central banking practice with rediscounting commercial bills as backing for currency. The memorandum advocates the constitution of an Imperial general ecomonie staff and favours a preferential column. appearing in every country tariff schedule, also bi-lateral agreements covering special concessions.
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Bibliographic details
Wanganui Chronicle, Volume 75, Issue 12, 15 January 1932, Page 7
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181CHAMBERS OF COMMERCE Wanganui Chronicle, Volume 75, Issue 12, 15 January 1932, Page 7
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