REVALUATION EXPECTED
RESERVE BANK’S GOLD ALTERNATIVE TO CREDIT CURTAILMENT ( Per Press Association.) AUCKLAND, July 18. Revaluation of the Reserve Bank gold holdings of £2,800,000 is expected during the -next few mosths, according to Auckland opinion. This is regarded as the only alternative to a drastic curtailment of credit and currency in the Dominion. It is claimed that at present the gold value reserve could be written up to more than double its figure shown in the weekly returns and would provide a basis for about £11,000,000 worth of currency and credit expansion. This would assist in overcoming partially the stringency in overseas funds and would assist trade during a critical period.
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Bibliographic details
Wanganui Chronicle, Volume 83, Issue 168, 19 July 1939, Page 8
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111REVALUATION EXPECTED Wanganui Chronicle, Volume 83, Issue 168, 19 July 1939, Page 8
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