RESERVE BANKS
A BRITISH REVIEW NEW ZEALAND’S CURRENCY NOT ON STERLING STANDARD (By Telegraph—Press Association—Copyright) 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 in framing and executing the broadly-conceived imperial monetary 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 bo the removal of doubts as to where the responsibility for monetary conditions rest. The most interesting gesture in New Zealand’s plans is as to the rate of redeemability of notes, which is within the discretion of the Reserve Bank: It would bo untrue to say that New Zealand currency is on a sterling standard.”
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Bibliographic details
Wanganui Chronicle, Volume 77, Issue 107, 8 May 1934, Page 5
Word Count
151RESERVE BANKS Wanganui Chronicle, Volume 77, Issue 107, 8 May 1934, Page 5
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