STRONG WORDS.

Auckland Star, Volume LXIV, Issue 258, 1 November 1933, Page 8

STRONG WORDS.

BILL ATTACKED. EX-MINISTER AND MR. COATES " INTO THE WILDERNESS." (By Telegraph.—Parliamentary Reporter.) WELLINGTON', this day. Strong words were used by Mr. R. A. Wright (Coalition Reform, Wellington Suburbs), formerly Minister of Education, in the House yesterday, when intimating his unrelenting hostility to the provision of the Reserve Bank of New Zealand Bill. "This," he declared, "is one of the most revolutionary measures that have ever been before this House, and those who vote for it will be doing so with their eyes open, and they must accept the responsibility for their action." The Minister of Finance had stated that he was going to take the gold out of the coffers of the banks at its book value and sell it at the market value. One bank since 1014 had imported gold to the value of £350,000, and the Government proposed to take it. "If I voted for that sort of thing," declared the member, "I would feel that I was in the company of Turpin, Ned Kelly and other brigands." Mr. Speaker: I think I must check you. You are reflecting on other members. Mr. Well, I will say that if I voted for the proposal I would be admitting that I do not understand the rudiments of common honesty. Called again to order, Mr. Wright said that he would perhaps be permitted to say that the proposal amounted to confiscation. It would take much to convince him that the gold was the property of the people, as contended by the Minister. " High Priest" and " Scapegoat." Mr. Wright said he failed to see how the Reserve Bank would assist in the rehabilitation of New Zealand. The real purpose of its establishment was that the Government might place on its shoulders the cost of the manipulated exchange, so that the Minister and the Government might "stand from under" when the crash came. Mr. Coates was the High Priest who was placing the burden on the head of the scapegoat. The only trouble was that he was not sending the scapegoat out into the wilderness. "It is also a pity," Mr. Wright added, "that the Minister is not going out into the wilderness himself and staying there. Although the South African Reserve Bank' had been, referred to as an example, it had . lost £1,500,000 in one night, and its reserves were practically wiped out. It reminded him of the fable of- the lion and the mouse. When the,lion (the bank) got into difficulties, the mice (the two trading banks) had had to come to'its assistance.

"After listening to that speech," said Mr. H. T. Armstrong (Labour, Christchurch East), "it is hard to believe that Mr. Wright used to wear a red tie." Mr. Wright (emphatically): No, I never wore a red tie. Mr. Armstrong: .You used to wave a red flag, at any rate! Mr. Wright: No! No! No! a , Mr. Coates Replies. Mr. Coates, replying early this morning, dealt with Mr. Wright's criticisms as a personal attack on himself, which he declared he could not understand, though Mr. "Wright had lately taken that attitude. "He was an associate of mine for many years," continued Mr. Coates, "and I cannot understand why he has become utterly hostile. It is something new to me. However, he seems to have made up his mind and set his course. Whether he is disappointed or not I am unable to say. I did notice that he gave certain definite figures, and as soon as he floated them off, a very prominent banker got up and walked out of . the House. I say now, who is in the hands of the bankers 1 Whose voice, is the echo of the banker ? Mr. Wright: I am not. Mr. Coates: The hon. gentleman must clear himself, because he left the impression in the minds of members that lie is being worked by the banks. Mr. Wright: I have no overdraft with any bank. I have never had one. Mr. Coates: I envy you. Members: So do we. Mr. Coates concluded his references to the member for Wellington Suburbs with the declaration: "His speech was utterly personal from beginning to end."