RESERVE BANK.

Auckland Star, Volume LXIV, Issue 253, 26 October 1933, Page 5

RESERVE BANK.

LABOUR AMENDMENT. FOR REJECTION OF BILL. i DEFECTS ENUMERATED. 8 (By Telegraph.—Parliamentary Reporter.) WELLINGTON, this day. A hostile Labour amendment was the a feature of the resumed second reading a debate on the Reserve Bank Bill yester- - day. As a considerable number of memv be re still wish to speak, and other urgent j business has intervened, it is unlikely t that the committee stage will be reached 1 until next week. The text of the Labour amendment follows: — "This House declines to give the 0 second reading to the bill, for the follower ing reasons: It fails to establish the - sovereignty of the people and Parliae ment of New Zealand over the Domi--1 nion's credit resources, to establish a stable currency based on ser:l vices, to make any provision for credit t and currency being provided in ample quantity for the requirements of industry, trade and social services, to do what is most urgently required in the g country's economic and social life, I namely, to provide means of increasing e the purchasing power of wage-earners, farmers, unemployed workers and the , useful people of the community gener- ' .ally, and it will accentuate and perf petuate the worst features of the present banking system, including its insistence that money shall not be : created except on interest-bearing loans." Debate Not Finished. t There was some opposition in the j afternoon to the insistence of the Prime 3 Minister that urgency should be j accorded the second reading of the measure, so that Thursday would be available for the passage of the first Imprest Supply Bill of the session. The view taken by Mr. Forbes was that further criticism of the bill could be with profit reserved for the committee stage, since there appeared to be general acceptance of the principle. Stating that the country was up in t arms over the bill, Mr. M. J. Savage, j Leader of the Opposition, urged that members who wished to do so should [ have the right to express their views i without having to sit unreasonable I hours. r The debate was not completed when i the House rose at midnight. 1 "No, Sir." » Mr. D. McDougall (Independent, ; Mataura) asked the Minister of Finance whether he would postpone considera- ! tion of the bill until the return to New Zealand of the Hon. W. Downie Stewart ; (Coalition Reform, Dunedin West), ; because the latter was regarded as a > financial expert and might be able to t throw some light on the question that would be a guide to the House and 5 Cabinet, one way or the other. 1 Two words comprised the Minister's . reply. "No, sir," he said. * i