RESERVE BANK BILL.

Auckland Star, Volume LXIV, Issue 249, 21 October 1933, Page 8

RESERVE BANK BILL.

The bill presented to Parliament this week by the Minister of Finance is, in my opinion, a very excellent measure. The Government has recognised the fiact that while it was of the utmost importance that the bank should not be influenced by politics, it must also be guarded from the domination of monetary or other interests, and we should all reab'se that / to meet such a position and to do nothing less than justice to all concerned a very great responsibility was thrown upon the Government. It has faced this position, and in spite of most unjust criticism both from friend and foe, has succeeded in providing New Zealand with an excellent constitution for its Central Reserve Bank —an institution which one trusts will occupy the position of Supreme Court in our monetary system. The business community will take a great interest in the weekly reports, of the Reserve Rank, for a proper understanding of these will lead both investor and the business community generally 'to sam up the financial situation. The Government is to be congratulated upon having met the situation as it has done, and I feel sure all sections of the Houses of Parliament should welcome the measure as being in the best interests ofi all sections of the community. It is a matter of extreme regret 1 that the tirade of abuse by the Farmers' Union executive, which appeared in the Press on Thursday, had not been delayed twenty-four hours/ for if it had I am sure such resolutions would never have seen the light of day. I appeal to tho farmers to dismiss from their minds all hearsay and Douglas Credit nonsense,'provide themselves with a copy of the bill (which | can be procured from the" Government Printer), study it, and they will find in it a measure of great importance to the welfare of the farming community as well as to all sections of our industrial life. This bill has been presented to Parliament in spite of .opposition from both friends and foes, and I feel sure this opposition has been due to a misunderstanding of the whole situation. J. HISLOP.