Monetary and banking legislation in Canada, 1934

The recent revision of the machinery of the Canadian banking system was one of un al importance. Canada has effected the periodic revision of the Bank act and established a central bank. The Bank of Canada is a privately owned institution designed especially to serve the public interest. It will correlate the heretofore independent elements within the system; it ill formulate and execute the monetary policy of the Dominion: it will be responsible for he care of the monetary gold reserves and gradually assume the sole right of note issue. The establishment of the Bank necessitated major changes in the powers the Department of Finance and of the chartered baminare proccedings and reviews the ank act un. the following article outies for the next ten years, the Bank of Canada act der which the chartered which establishes the Bank Bank of Canada. the Ouebec Savings Banks act, and other legislation providing for the discontinuation of the Dominion note issue and the rediscoun facilities of the Department of Finance.