STATE BANK

Auckland Star, Volume LXXVI, Issue 163, 12 July 1945, Page 7

STATE BANK

AIMS OF GOVERNMENT ENSURING OF STABILITY Parliamentary Reporter .WELLINGTON, this day The whole, of the resources of the State will be at the back of the Bank ' of New Zealand when the Govern ment takes over that institution, said Mr Clyde Carr (Govt., Timarut speaking.m the Address-in-Reply de bate in the House of Representatives yesterday. He added that the impartiality of the State would be at the back of the bank as well (T If ter from Opposition members.) g Mr. Carr said the. nast hari o^~ not carry adequatef esourSstotide them over Repression periods Pro minent and well-established busl nesses had been thrown on the serin heap, had had to go out at business because of the banks The resources of the State were bound less and what he had referred to could not happen with State ownership of the Bank of New Zealand Mr W T. Anderton (Govt Eden) said that just as controls had K & C fnv S^ tlal by all Allied coun tne* for the purpose of winning the war, so some controls would a to be necessary for the gigantic tasks nf peace reconstruction. The Seeches of Opposition members proved fi did not believe in full employment The economic system they supported needed unemployment for its very existence. The 'Government was taking the necessary steps to see that there should not be unemployment. It was determined that men and women returning from overseas should not be allowed to b i g *P A h . e street s or to wear the castoft clothing of others. They would be provided with the means to purchase the things they produced. No set of financiers, no set of tricksters; or no set of money manipulators would be allowed to inter-1 fere with the distribution of the production of the people, nor would they be allowed to create a depression, he added. That was why the Government had decided to take over the Bank of New Zealand. The bank would scientifically use credit and currency to stabilise wages and prices, so that the workers would be ) in a position to purchase all the goods they required.