MONEY SYSTEMS.

Auckland Star, Volume LXV, Issue 29, 3 February 1934, Page 10

MONEY SYSTEMS.

INQUIRY TO BEGIN.

COMMITTEE OF TEN M.P'S. MR, FORBES' ANNOUNCEMENT. The Prime Minister, the Ttt. Hon. G. W. Forbes, announced in Auckland today the personnel of the Select Comrnittee set up for the purpose of inquiring into monetary matters. "It will be recollected," said Mr. Forbes, "that a Select Committee of the House last session, when reporting oil a petition praying for an inquiry into monetary questions, recommended the setting up of a Parliamentary Select Committee, and it is accordance with this recommendation that action is being taken now. "The committee will be a Parliamentary one, and will have the powers of a Select Committee of the House. It will consist of the following ten members of the House of Representatives: — MR. C. H. CLINKARD. MR. H. HOLLAND. MR. F. LYE. ME. J. N. MASSEY. MR. J. W. MUNRO. MR. A. J. MURDOCH. MR. J. A. NASH. CAPTAIN H. M. RUSHWORI'H. MR. F. AY. SCHRAMM. THE HON. W. DOWNIE STEWART. "Mr. Nash will be chairman. "The • order of reference will enable evidence to be taken in connection with any monetary systems or standards that have been put forward from time to time, and will be sufficiently wide to ensure a complete investigation being made into such systems or standards, their practicability and the probability of their adoption promoting the development of industry and the welfare of the people of New Zealand".

"Any advocates of such schemes will have full opportunity of placing their views and the particulars of their respective systems before the committee. "The proceedings will be public. "A secretariat of experts," the personnel of which will be announced shortly, will be attached' to the committee for the purpose "of assisting it in its work." Mr. Forbes added that the commission would sit almost immediately. Function of Reserve Bank. The "Star's" Wellington correspondent says that the fulfilment of the wish of the committee which advised the monetary inquiry has to some extent been anticipated by the Reserve Bank legislation, which will have the effect of placing the general banking policy affecting the economic welfare of the Dominion under the direction of a central organisation which, except for a limited return on its £500,000 of private capital, will not be concerned over the maintenance of dividends.

MR. SAVAGE'S PROTEST.

PARTIES NOT CONSULTED. / Commenting this afternoon on the appointment of the Monetary Commission, the Leader of the Opposition, Mr. M. J. Savage, said it was "the usual old Story." The Government had decided the personnel irrespective of- whether those selected had given any special consideration to the question or not. "Surely the time has come," he said, "when representatives of parties should he selected by the parties for what they know about the question.

"There is nothing new in what the Government is doing. The Government invariably does what it likes. It is entitled to do that, but it should not treat lightly the intelligence of other members of the Hoiise. Ido not .think that there is any section of the community that will be satis.fied it is. getting a fair run under the present conditions. I think that the Government should have - communicated with the various parties in Parliament and asked them to make their own selection."