BANK OF ENGLAND

Hokitika Guardian, 29 January 1931, Page 5

BANK OF ENGLAND

VALUES OF GOLD AND SILVER. United Press Association.—By Electrio Telegraph.—Copyright.! (Received this day at 1.5 p.rn.) LIDNDOX, January 28. Expounding his idea on the super Bank of the Empire before the Royal Empire Society, Air J F. Darling, director of the Alulland Bank, said the cause of the world economic crisis was the discrepancy between the relative values of gold and silver. Equilibrium could be restored through raising the value of silver by backing it with gold. Surely the Bank of Empire would take over by purchase the existing stocks of gold and silver held by the Governments and Banks issuing currency within the Empire. Those stocks would be paid for in “Rex,” which would be the Bank of Empire’s monetary unit, purely a book keeping unit, instead of bolding gold or silver aagiiist currency and notes. The issuing Banks and Governments would hold the balance and the Bank of Empire in “Rex',” but the actual currencies need ncit bo changed. The price of silver could be raised from fourteen pence per standard ounce to forty-seven pence per ounce.