CENTRAL BANK.

Auckland Star, Volume LXIV, Issue 247, 19 October 1933, Page 8

CENTRAL BANK.

HOSTILE FARMERS. "WILL REPUDIATE ACT." UNION'S RESOLUTION. "This executive considers the Central Bank Bill of sucli extreme importance to the nation that it will be prepared to recommend support at the next general election only to such candidates as will repudiate any Act of Parliament which parts directly or indirectly with any measure of control over currency, credit or exchange to outside authorities." The foregoing is the text of a resolution carried at this morning's meeting of the .executive of the New Zealand Farmers' Union for the Auckland Province. At the commencement of the discussion the secretary, Mr. A. E. Bobinson, said it would mean supporting a Labour candidate if nobody else was in the field. Mr. A. McConaughy: If a. Labour man is the choice then I will support him. If they pass legislation to make slaves of us then we must pass other legislation to give us our freedom again. Mr. W. Mclnness (Kerepeehi) said the farmers lad to face the position and be prepared to pay the price. Mr. W. H. Allen (Tirau) said the Government should be clearly informed that the farmers did not approve the bill and would not be b«;nd by it. It meant that an attempt was being made to take a birthright from the people. To Support Labour. Mr. T. D. Bathgate (Pakiri) said if the sitting member for his district supported the proposed legislation he would support a Labour candidate in the future. Mr. W. Boyd said the Minister of Finance had stated that the bill was to be altered, but the principle was to remain the same. That meant that the amendments would be of minor importance. It was only right to support candidates who would repudiate the legislation if it became law. Mr. R. H. Feisst (Cambridge) urged caution. There was more to be considered than repudiation. The bugbear appeared to be the clause regarding sterling. If that were varied one of the main objections would be removed. A Voice: "Will the people be given control '! Chorus of Voices: Xo. Xo. Mr. Feisst said they should not talk of repudiation until they knew exactly what the amendments intended were. Mr. Robinson pointed out that as far as the control of the bank was concerned, there would be an inner council of three, who would have all the say. Two of them would be under the dominance of the Bank of England and the third one would be appointed by the directors, so that the control would be two to one.

"Will End Supporters' Careers." Mr. McConaughy said the Government had shown no confidence in the people. The Government would not apree to hold nn inquiry. It was time that the. Government was informed that in the event of the legislation being proceeded with the farmers through the union would end the political career of any member voting for the measure. Mr. R. Clement* (Dargaville) pointed out that the bank would be controlled for 25 years through the Bank of England, which was not a Government institution. Mr. J. W. .Tones (Fakaraka) said they should not presume anything until the amendments were made public. If they were not acceptable, then they could speak with no uncertain sound. On the motion of Mr. A. E. Martin (Opot ; ki), seconded by Mr. X. F. B. Dougherty (Ohnra), the motion was carried, the only dissentient being Mr. J. 15. Jordan (Kaukapakapa), who objected to the word "repudiation." The Minister of Finance, in a letter which was read, assured the union that the Central Bank would not be controlled from abroad, and that an inquiry was being considered into the present banking system.