AUSTRALIAN FINANCE

Hokitika Guardian, 10 October 1931, Page 5

AUSTRALIAN FINANCE

CURRENCY RECOVERY

(Australian Pres 4 Association.)

CANBERRA, October 8,

The Federal Labour Caucus refrained from expressing ail opinion on the advisability of re)|&tjrpdueing *mmediately the proposals for a fiduciary note issue, and changes in the control of banking. ; i Mr' Holloway urged that such a course bo taken, but Mr Scullin expressed the opinion it would be most unwise for the party to pass such a resolution. • - . • ’■ The meeting ended without a vote being taken. It is not expected that the *'motion will be. brought ' before'- the Party again.. . • . V . f ’‘‘ . Mr Scullin told tlie’ Caucus he' believed that -the British pound would 1 shortly settle at seventeen or eighteen, shillings and the possibility of adrop in the exchange to twenty p‘er cent; would meani aUreduction". in ,the Gov-* ernment’s commitments by three million sterling yearly.

SILVER CURRENCY.

CANADIAN ADVOCACY. TORONTO, October 8. “Gold alone, as the basis for. domestic currency and 'international exchange settlement, is insufficient,” said the Minister of Trade and Cim* marce (Mr Stevens) addressing the Empire Club to-day. , ' He was '.convinced that fiduciary currency, while ? highly convenient for international trade, in times of peaceful stability, was subjected to too extreme fluctuations in periods of social and economic disturbance, consequently it could not be Considered a' reliable measure of value. Silver was a most vital element of trade structure, and still played ’ an important part in the activities of a large porion of the world’s population, A “To restore silver ; to its ancient position, a s companion with gold aa a basis of real and usable m ney, would open once again the mints of the world to silver, and you will restore and stabilise the economic life of two-thirds of the human race, and open to the nations of he western civilisation, those vast markets which by wanton action in 1873, have been gradually and surely closing to your trade,” he added.