Currencies After the War; a Survey of Conditions in Various Countries
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We recommend that the normal minimum of the central gold reserve to be aimed at should be, in the first instance, £150 millions. Until this amount has been reached and maintained concurrently with a satisfactory foreign exchange position for at least a year, the policy of cautiously reducing the uncovered Note Issue should be followed. When reductions have been effected, the actual maximum fiduciary cir- culation in any year should become the legal maximum for the following year, subject only t...o the emergency arrangements previously recommended. When the exchanges are working normally on the basis of a minimum reserve of £150,000,000, the position should again be reviewed in the light of the dimensions of the fiduciary issue as it then exists.
We, do not recommend the transfer of the existing Currency Note Issue to the Banlc of England until the future dimensions of the Fiduciary Issue have been ascertained. During the transitional period the issue should, remain a Government issue, but new notes should be issued, not against Government securities, but against Bank of England notes, and, furthermore, when opportunity arises for providing cover for existing uncovered notes.
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To quickly assess the difficulty of the text, read a short excerpt:
We recommend that the normal minimum of the central gold reserve to be aimed at should be, in the first instance, £150 millions. Until this amount has been reached and maintained concurrently with a satisfactory foreign exchange position for at least a year, the policy of cautiously reducing the uncovered Note Issue should be followed. When reductions have been effected, the actual maximum fiduciary cir- culation in any year should become the legal maximum for the following year, subject only t...o the emergency arrangements previously recommended. When the exchanges are working normally on the basis of a minimum reserve of £150,000,000, the position should again be reviewed in the light of the dimensions of the fiduciary issue as it then exists.
We, do not recommend the transfer of the existing Currency Note Issue to the Banlc of England until the future dimensions of the Fiduciary Issue have been ascertained. During the transitional period the issue should, remain a Government issue, but new notes should be issued, not against Government securities, but against Bank of England notes, and, furthermore, when opportunity arises for providing cover for existing uncovered notes.
What to read after Currencies After the War; a Survey of Conditions in Various Countries?
You can find similar books in the "Read Also" column, or choose other free books by Salter, Arthur Salter, Baron, 1881- to read onlineMoreLess
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