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P.A. DUNEDIN, this day. "Nobody will ha allowed to poke into people's private business," said the Prime Minister, Mr. Fraser, in discussing the proposed nationalisation of the Bank of New Zealand in an address in the Town Hall. The establishment df»a State bank had been a major plank in the platform of the old Liberal-Labour party and the Labour party had always stood for such a policy over the last halfcentury. Many leading statesmen and banking experts had advocated a State-owned bank.

,"We believe that in a world depression a State bank can exercise a stabilising influence and prevent the country suffering as severely as it has an past occasions," added the Prime Minister. He did not want to say anything against the trading banks in New Zealand as they had operated during the war period— they had been most helpful—but it was in the post-war period that the Government desired to be able to exercise control.

The Government definitely would not interfere with the management of the bank. It would not make any change in staff and was even prepared to reappoint the present directors, but it would decide the policy to be followed. Much had been said about the possibility of the Government interfering in the private affairs of individuals and their accounts. This was imaginary.

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Bibliographic details

STATE BANK PLAN, Auckland Star, Volume LXXVI, Issue 171, 21 July 1945

Word Count

STATE BANK PLAN Auckland Star, Volume LXXVI, Issue 171, 21 July 1945

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