Page 16 Advertisements Column 1

Auckland Star, Volume LXVI, Issue 275, 20 November 1935, Page 16

Lord Snowden's WARNING "Banks Must he Free from Political Control" In a recent pamphlet that eminent British Socialist, Lord Snowden, has scathingly condemned Government control of the Banks. "Some people," he says, "seem to be obsessed by the idea that the Banks can create an unlimited amount of credit. This idea arises from ignorance of the structure of credit and of the true function of banking. Sound credit can only be issued against real assets." Lord Snowden then adds these highly important passages :— The Government Is the only authority that can create money out of nothing. They did this during the War, with the disastrous consequences from which we are still suffering. A government can, if It be so mad, print any amount of paper money without any collateral backing. Germany did this after the War, with the result that currency became entirely valueless." "So long as industry is carried on by private enterprise the Banks must be free from political control so that they can give credit impartially on the merits of every application. If there were only one bank, traders would be at its mercy, whereas now competition among a number of Joint Stock Banks for custom gives the depositors and borrowers a choice, and a greater likelihood that their desires will be gratified." — Inserted by the AftodaUd Banks of New Zealand.

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TUESDAY'S SOLUTION.