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The fears of the business community regarding Government banking control have not, I think, be£n concisely stated. Mr. Fraser asks: "What real objection is there to the Labour Government taking over the whole bank control?" Just this: In the past, any moneys advanced have required a sufficient security. That is all. The bank does not pry into the details of use of the money, and so long as the position of the bank as lender is secure anyone can obtain an advance or overdraft Under Labour Government, control we know only too well that full details of the use of loan moneys will be required, and its effect on Government policy studied, and if the enterprise mooted does not meet with Government approval no advance will be granted, however good the security offered. On the other hand, if the use proposed for the loan meets Labour's approval, well and good, and the sound business requirement of security or guarantee will be secondary in importance. Briefly, financial help will be dictated by the colour of one's politics—and a fine state affairs that will be. Further, if the bank should by this policy (and it will) make heavy losses— why worry? The taxpayer is always there to pay the deficiencies. And this is dubbed "democracy." The whole move is just another means of suppressing that section of the business world which thinks differently to the powers that be. DISGUSTED.

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Bibliographic details

STATE AND BANKING, Auckland Star, Volume LXXVI, Issue 186, 8 August 1945

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STATE AND BANKING Auckland Star, Volume LXXVI, Issue 186, 8 August 1945

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