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Hokitika Guardian, 27 June 1933, Page 4

Experience seemed to prove that it was fundamental economic causes which upset the gold standard, but experience also proved that there were many faults in its mode of operation which must be remedied, said Mr Gates McGairah, Among other faults, there was lack of international agreement as to the guiding principles of the gold standard and the principal rules of the game. It became more and more evident with the passage of time that one cf the objects of the Bank and one of the opportunities offered the World Conference Was to determine upon a method of co-ordina-ting in the future the proper functioning of the gold standard which had broken down. For this standard, and, indeed, any standard, would work no better in the future than in the past if the unregulated anarchy which had prevailed in its application and th„. short-sighted individualism which had been practised in its &P" plication were to commence all over again. Paper standards of currency bad been tried again and again and always abandoned because unsatisfactory . Discontent with them had repeatedly caused the resumption of a gold basis—not always, in some past instances, at the same old parity. In connection with the World Conference, the Bank for International Settlements had been making careful studies of these monetary problems. Its board of 19 directors, consisting of the governors of the principal central hanks of the world and of other financial experts, had unanimously concluded after due deliberation, that, in spite of all that had been said and done, the gold standard remained the best available monetary mechanism, and that it was desirable to prepare all the necessary measures for its reestablishment.