STRONG GOLD RESERVES

Dominion, Volume 3, Issue 663, 13 November 1909, Page 5

STRONG GOLD RESERVES

.' NEEDED-TO PROTECT CURRENCY." >' mi Tolccraplii-Prcas' AMiiclallnbi-CiitiyrU ii'i.l ■'/': '■'■'■• ! " " .;■■■•,' London,. November 111 1 : ■-. Mr.. Huth- Jacksou (partner 'in. tho firm ..of • Frederick Huth' and .Co., and a director of tho Bank. of. England),' in his presidential, address at , tho'lnstitute of. Bankora, , emphasised tho fact that tho country's currency now consists of cheques.- . :,'.;.. Ho was glad to "think that,-bankers' recognised-;- that stronger. - reserves of /jold aro, deiiirabl.o'to protect this currency, Those supplying tho currency should provide) the gold resorves.' •'■";-. : / ; " ■- , : . . \ "•' '■ - :, ■ ■'■■ : SIR F. .SCHUSTER'S ADVOCACY. '. Mr. F. H; Jackson, tho. new" President of: tho Institute of: Bankers, is sounding tho same uoto as was sounded a year ago—and on. many other 'occasions—by the retiring President, , Sir Felix Schuster.. ■.'■■■■'',..••, ... ■. ■> ■,-.'■■ In. his inaugural, address last November, Sir Ifelix. Schuster said tho lime was opportune for strengthening ■ the gnld rcservb. 'If ever there was a time vfavo-;rablc to' the accumulation of a reserve it. was now, when trade was lallmg off, and the production of gold was increasing. Before their next inaugural meeting, ho thought.serious proposals on'the subject would have to be placed before the banking world. The cyelopf dear money, he concluded, appeared to be at an end, and as far as appearances went, they weio in sight" of a cycleof lean years. 1 ■ : . : ;■.-■'. ..- ;Slr■■ Mix expressed the opinion that the recont -finanoial crisis in tho United States cpuld have been more easily faced Tvith a moro olastio banking system; : "•• .•- .