CENTRAL RESERVE BANK

Press, Volume LXIX, Issue 20986, 14 October 1933, Page 9

CENTRAL RESERVE BANK

TO THK KUITOH OF IJIB PIIESS Sir,—ln "The Press" to-day there is published the London comment on the fear of Government control of the New Zealand central reserve bank. In my oninion it is the duty of every New Zeaiander to do his best to help tne Government to gain control of the central bank's policy. For the control of (he central bank to be in the hands of the people's elected representatives is the people's birthright. The Government is more likely to see the rights of the different sections of the community in their proper perspective than are a few men under the predominant influence of people who arc not answerable to the public. In a central bank dominated by we government, the government will nave the money it needs to carry out »s policy. Far instance, the small jarm scheme is up -.'or want of fiance. The central bank can finance « and with the great advantage of not putting us further under the heel or overseas financiers. There are few countries in the world *> well situated as New Zealand is \Z I s c . entr al bank system. The overerSn l n leaves a balance to the C ? ere are no ad Joining neigh-Z-If t0 complicate the situation. No government in New Zealand, and pernaps none m the world, has ever had ouch a chance. Most of the nations of the world £' «ii? lng (and wisely so) at bein « wonfri k W" ting as Possible, and it would be tolly for New Zealand not i 0 do th e same.—Yours, etc., rwnw, ,„ KAYE HOE. October 13, 1933.