BANKING IN THE EMPIRE. On more than one occasion I
have referred in these columns to the great part played by the Central Banks of the various countries in aiding financial recuperation after the War, and especially in aiding the reconstruction of what may be termed the international credit fabric which was so ruthlessly disturbed by four years of Armageddon. Especially, however, I have emphasized and welcomed anything making for 'closer co-operation between the Central banks of the Empire. About a year ago it became clear that the Commonwealth Bank of Australia was being remodelled on lines more consistent with the functions of purely Central banking, as we are familiar with them here, and there have not been wanting signs of co-operation between Australia and this country in the matter of gold shipments. It is not surprising, therefore, that considerable interest has been taken in the City in the announcement cabled from Melbourne to the effect that Sir Ernest Musgrave Harvey, the able Comptroller of the Bank of England, is to visit Australia next year to discuss Central banking affairs w-411 the directors of the Commonwealth Bank. A better representative not only of the Bank of England but of the traditions and principles of banks in this country, could not be found, for while the standard of efficiency in the Bank has always been high, that institution has been particularly fortunate during the War years and the difficult years following upon the War in its possession of two such able Comptrollers and Chief Cashiers as Sir Gordon Nairne and Sir E. M. Harvey. The former is, of course, now a Director of the Rank.
-A. W. K.
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