EMPIRE FINANCE.

Taranaki Daily News, 7 December 1922, Page 5

EMPIRE FINANCE.

MORE STABILITY SOUGHT. A CURRENCY SCHEME. AIM TO ASSIST EXCHANGE. By Telegraph.—Press Assn.—Copyright. Received December 6, 5.5 p.m. London, Dee. 5. The Times, commenting editorially on a suggestion by Air. Darling, a former director of the Midland Bank, that part of the existing Empire debt should be converted into {£1.000,090,000 worth of Empire currency bills, which, together with a. certain proportion of gold, should form a basis of a common Imperial currency, which would be legal tender in all parts of the Empire participating. Air. Darling, in support of his scheme, quoted the case of Egypt, whose currency is mostly baaed on British Treasury Bills. Her exchange has remained remarkably steady since the war, while the exchanges of Australia. New Zealand and South Africa have fluctuated widely. The Times says the essence of ■Air. Darling’s scheme ifl that it contemplates a great extension of the gold exchange standard, with the avowed object of economising the use of gold, and making remittances between any parts of the Empire no more difficult or expensive than between London and Lands End.

The Times remarks: “The advantages of the scheme are manifest. We are aware that serious political obstacles stand in the way of the surrender of any Governmental rights, but co-opera-tion in currency matters in order to avoid a derangement of exchange need not involve infringement of such rights any more than co-operation in other matters.”—Times Service.