THE FLOW OF CREDIT. “There is much time and money wasted at present in shipping gold round the world, and I have never been able to see why it should not be left in one central place, where it might be possible to issue universal bonds against it. It is incredible that the governments of the world should be dependent on the movement of small quantities of gold from London to New York, or London to Berlin, or elsewhere. A financial policy, whether conscious or unconscious, under which gold is attracted continuously to one quarter, would exaggerate the scarcity of gold in the rest of the world which is already arising from a physical cause, and the progress and development of industry will be hampered and restricted. The world cannot waft indefinitely for an active attempt at the solution of the monetary problem. It is to be hoped that the Bank of International Settlements will in due course facilitate this solution, —Lord Melcliett.
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Hokitika Guardian, 19 September 1929, Page 2
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163Page 2 Advertisements Column 2 Hokitika Guardian, 19 September 1929, Page 2
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