57
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13.
(c) and (d) In the event of the note
issue being left in the hands of certain banks, I
think that the arguments for a greater measure of
Government control are sound. I further incline
to the view that the suggested increase of elasticity
is desirable, and that the provisions associating
the limit of the note issues with the paid up
capital of the banks might be modified, allowing expansion against cover of gold securities and bar
silver in London.
I am somewhat doubtful as to the necessity
for a Currency Advisory Board, but, if such were
found to be desirable, I am inclined to think that
it should be in London.
14.
There appears to be much in favour of
adopting the use of bar silver for inter-bank
clearing purposes, but on this and the other points set out above, the opinion of qualified experts is
desirable.
In view of the fact that the general
I do
15.
proposals have been adumbrated in the interim report, I see no objection to the publication as a Sessional Paper of the full report itself and I propose to have it so published forthwith. not, however, consider it desirable to publish at present the memoranda and evidence which accompany it
and I think that it may be desirable in the event of ultimate publication to exclude certain portions of
such