Empire Currency

Wanganui Chronicle, Volume 75, Issue 142, 18 June 1932, Page 7

Empire Currency

MR. S. M. BRUCE’S COMMENT STERLING GROUP PROPOSED (By Telegraph—Press Association—Copyright] CANBERRA, June 17. Commenting on the recent cabled references to an Empire currency, Air S. M. Bruce, Assistant-Minister, said that while it was possible that valuable steps can be taken at Ottawa to link Empire currency into a stable and harmonious system, they could not be such as would endanger Australian industries, “It is practicable at present to bring about parity between the currencies of different parts of the Empire on the basis suggested in some quarters. There is, however, a broader sense in which an Empire currency is not only a possibility, but a very lively hope. It may be possible for the Dominions to agree to link their currencies with sterling at rates which can be kept fairly stable, though different for each Dominion. Measures can be concerted for keeping sterling, and therefore the whole system, under control. With such a basis of stable exchange through a wide range of countries, it may be possible to plan a number of measures for the promot’on of lower interest rates and the encouragement of investment, which would assist a general recovery within the sterling group and give a lead to rhe world.”