BANKING SYSTEM
CHANGE PREDICTED. AUCKLAND, March 4. When Sir Otto Niemeyer T s report comes to hand it is probable that changes will be made in the banking system of New Zealand. This is predicted in a letter from the Prime Minister to the Mayor of Deyonport, Mr J. Hislop, who has been in communication with him for some time regarding the establishment of a central hank in the Dominion and control by it of the note issue and credit. Mr Hislop recently wrote to Mr Forbes pointing out that while the gold reserves in the Dominion totalled over £6,000,090. the total note issue was only £5.500.000, and stating it had been held by financial authorities that the note issue rould safely be increased to three times the reserves held by the issuing authority. “With regard to the Dominion’s gold reserves. lam in agreement. it is unnecessary and uneconomic to hold I in New Zealand such large stocks of gold in reserves against the note issue, and when the report of Sir Otto Niomeyer comes to hand it is probable changes will he made in our banking system,” replied the Primo Minister.
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Hokitika Guardian, 6 March 1931, Page 2
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192BANKING SYSTEM Hokitika Guardian, 6 March 1931, Page 2
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