CENTRAL BANK
FOR. NEW ZEALAND. SIR (). NIEMEYER’S REPORT. (By Telegraph —Per Press A ssociation) WELLINGTON, May b. The establishment of a Central Rank to control New; Zealand’s credit is the chief recommeWdution made by Sir Otto Niemeyer,' who recently investigated, the .banking, currency, and exe 1 >inge o! tin- Dominion, whose report has arrived from England.
By this proposal. 'Sir Otto Niemeyer recommends that, the whole dabne of New Zealand hanking should he recast, and that important departures f.-- the nre.'-wnt blinking practice should be made. Should this action he taken, it is likely that a new institution, in oo»fprpjitv with the functions of other central hanks, would assume the sole right of the issue of paper currency in the. Dominion. Tt would bo free from political control, and from the dominance. of the present commercial banks. Sir Otto suggests that New Zealand should fall into fine with other <-oum tries in ordfT-that the control of credit may be stabilised'. Several other 'important recommendations concerning currency and exchange are made by Sir Otto Nieiueyoi l>ut these are,'..mostly of a machinery character. The whole reuort will shortly ho considered by Cabinet.
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Hokitika Guardian, 6 May 1931, Page 6
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190CENTRAL BANK Hokitika Guardian, 6 May 1931, Page 6
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