CENTRAL BANKS
FUNCTION
'in empire
TIME ALONE WILL SHOW
United Press Association —Bj Electric Tele
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(Received May 7, 2 p.m.)
LONDON, May G.
The "Midland Bank Review," discussing the pending establishment of Central Banks in New Zealand, Canada, and India, says that time alone will show^ whether they will contribute to a- more intimate association in framing and executing a broadly 'conceived
imperial monetary and 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 be tho removal of doubt'where the responsibility for monetary conditions rests. The most interesting gesture in New Zealand's plans is as to the rate of redeemability of notes. That is within the. discretion of the Eeserve Bank. It would be untrue.to say that New Zealand currency is on a sterling standard.
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https://paperspast.natlib.govt.nz/newspapers/EP19340507.2.114.1
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Evening Post, Volume CXVII, Issue 106, 7 May 1934, Page 10
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156CENTRAL BANKS Evening Post, Volume CXVII, Issue 106, 7 May 1934, Page 10
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