A NEW BILL
TO AMEND THE BANK ACT.
STABILISATION OF STERLING
(Australian Press Association.)
CANBERRA, May 4.
In the House of Representatives, Mr Stanley Bruce gave notice of his intention to introduce a Bill to amend the Commonwealth Bank Act. The proposal embodied in, the .Bill is to give authority to the Commonwealth Bank Board, to hold a part reserve against the note issue in sterling, based on the English pound, in other words, part of the reserve may be held in gold or sterling, at the discretion of the Commonwealth Bank Board.
The change will not necessarily involve the immediate shipment of part of the gold reserve. The amending Bill merely authorised the Commonwealth Bank ' Board to take action, if deemed advisable. The question is linked with steps which have been indicated in the recent action by the British Government for the Stabilisation of sterling bv. the provision of a fund of £loo,000,000 for this purpose.
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Hokitika Guardian, 4 May 1932, Page 6
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157A NEW BILL Hokitika Guardian, 4 May 1932, Page 6
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