Both Sides of The Coin: The Story of The Central Bank of Barbados 1972-2017

Chapter 1: Background to Establishment 15 of the Bank of England in a speech which had hurt the re-election chances of Prime Minister Harold Wilson. The ensuing exchanges between Messrs. Barrow and Adams dealt with the operations of the Savings Bank. After the second reading, the members went into committee session to discuss the sections separately. The first four sections were passed without comment. There was some discussion on Section 5 (which dealt with currency), about whether gazetted notices to the commercial banks should also be published in daily newspapers. This was when Barrow revealed that it would take two years to issue the Barbados currency and that there was some difficulty in withdrawing from the ECCA. Adams suggested that the currency issue should include a $10 note and a $10 coin and that, generally, there should be heavier reliance on coins, which were cheaper to maintain than notes. However, the prime minister felt that those were decisions for management. The other sections and the Schedule then passed without further debate. Thereafter, the full sitting of the House resumed, the Bill was read a third time and passed by unanimous vote. In the Senate, the Bill had its second reading during the evening of March 16, 1972, with Minister of Trade, Industry and Commerce Senator Branford Taitt (later Sir Branford), making the opening arguments. He noted that there was little controversy about the Bill because a central bank was a feature of an independent country. Senator Parliament Buildings in Bridgetown.