RESERVE BANK

Rotorua Morning Post, Volume 3, Issue 667, 20 October 1933, Page 5

RESERVE BANK

(Press Assn.-

minister for finance mdves first Reading NECESSARY FOR COUNTRY

— By Telegraph — Copyright).

Wellington, Thursday Replying to discussion Of the Reserve Bank Bill, the Rt. Hon. J. G. Coates said that members had inquired who had asked for the Bill. The answer was tbat it had been asked for by the greatest orgaftisation in the country, the Government. The Government believed that it would be ittipOssible to meet the future requirements of the country unless the necessary machinery was set up. Replying to an inquiry as to how the Bill would stabilise the monetary policy, Mr. Coates said that that was a matter for Parliairient. Parliament must at all tim.es control , the country's monetary policy. , Mr. A. M. Samuel (Thames) : is the barik to be linked up with the system of Federal Reserve Banks? Mr. Coates: It will be one o'f the Reserve Banks in the British Eriipire, but will in no way be linked up. The Government will not agree to bind itself with the riionetary policy that might be adopted in any other country. Replying to ariother questiori Mr. Coates said that the batnk would be a New Zealand ihstitution composed mairily of New Zealanders. The Bill was read a first time.'