San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1923-10-22
Economic Conference Con-
siders Uniform Basic Cur
rency for Empire and
Faster Transportation Of
Mails.
BY HAL O'FLAHERTY.
Special Cable to The San Antonio Light
and the Chicago Daily News.
COfnrieht 1929


and the Chicago Daily News.
Copyright. 1928.
London, Eng, Oct. 22.-An ideal
Of unity for the British Eml .. SINH
lar in many ways the American
union of stat :. has gradually been
constructed in the course of the Brit
lsh imperial economic conference.
Practical machinery of government.
hitherto only vaguely outlined. -
likely to come into existence before the
conference ends. giving ,he empire a
committee on imperial communications
corresponding to the American inter-
state commerce commission and other
interstate organizations dealing with
traffic and communicate another
commission TO control the issuance of
empire currency bills. designed to pro-
vide a uniform basic currency and a
balancing factor for exchange. and.
finally, commission for establishing
preferential rates on empire products.
At present empire communications
except between Great Britain and
Canada are considered altogether I'M
satisfactory, but with full support for
private enterprises now working on
new cable lines to the Far East and
others building wireless plants, it is
believed that great strides are being
taken towards new ideals of unity.
Plans Empire Currency.
In considering plans for common
currency disable throughout the domin-
ions and colonies. the conference faces
a most intricate financial problem. I'm
der a plan outlined by the Manchester
Association of Importers and Export
ers, this problem is being attacked for
the first time in q practical manner
1t is proposed by the Manchester Or
ganizatiOn that an empire currency be
issued through the bank of England
to assist in developing trade and in
improving the banking mechanism by
which trade is made possible.
The British Empire has no uniform
basic currency. Canada uses dollars.
India, rupees and Australia and South
Africa, modified forms OF = British
pound sterling. Gold no longer oper-
ates as a medium of exchange nor has
the commercial bill of credit answered
its purpose in supporting the great
structure of inter-imperial credit. Ex-
change rates between the various en-
pire units fluctuate rapidly. impeding
trade seriously.
Great Britain's problem lies in find
ing some medium. such as,an imperial
currency, to meet her dominion credits.
1t is proposed TO issue currency bills
in such manner that they would be-
come more valuable than gold because
offering greater mobility and greater
negotiable value. They would have y
hind them percentage as well as pres
tige in every dominion. each agreeing
to issue currency against only these
empire bills and gold. According to
its hackers. this plan. OF an empire cur
rency would provide the dominion
banks with material for a strong liquid
secondary basis of credit. besides Of
fering them the freest access by cable
to the London money market.
When the delegates met, they began
discussing empire shipping, viii n
wolves a close study of the rapid trans
portation of mails. There is no way
of shortening the time required for
mail deliveries to Australia. India and
New Zealand except through the use