SAVING TO COUNTRY.

Auckland Star, Volume LXIV, Issue 259, 2 November 1933, Page 10

SAVING TO COUNTRY.

ITNANCIAI. STABILITY. (By Telegraph.—Parliamentary Reporter.) WELLINGTON, Wednesday. The claim that the central banking system offered the soundest and most effective method of dealing with New Zealand's' finance was advanced by Mr. A. J. Murdoch (Coalition United, Marsden), in, the House yesterday. "The system," said Mr. Murdoch, "will make for confidence and stability on the part of investors, the shareholders and the' general public. Without that confidence and stability, a banking system cannot stand up to its work. Under the method proposed, we will have financial stability, we will make a big saving, and \ve will have far greater ease in the transfer of our exchanges. We need not, and will not, I think, be linked up with or tied to the Bank of England or to any other bank, but each and every other reserve bank will act as an intermediary. It will be in the nature of an agent, but we will not be tied to it." The bill, said Mr. Murdoch, provided a definite control of the whole banking system, and a - control that should be very satisfactory. To the country he would say that the Coalition was not rushing blindly into the position. The scheme had been well thought out.