BANKING BILL IN AUSTRALIA

Press, Volume LXXXI, Issue 24600, 23 June 1945, Page 6

BANKING BILL IN AUSTRALIA

MR MENZIES ATTACKS j PROPOSALS i

(N.Z. Press Associatlon-r^opyrtflb) (Rec. 8 pan.) jr The Australian new banking i lation, at best; would restrict [ tivities and services of banks; at worst it would crpsn 'tßgaf , said the Leader of the, Ogfroytroti • R. G. Menzies) speakingln ■ reading of the banking bul lh<W.* , House of Representatives. ‘The wu*-j plan of the Government is wi * nationalise the banks, hXjtt* 6 PT®*i j cess of buying them up hht by n exhausting them and then ahßWbin|i|them," Mr Menzies said., ‘‘Tbe, wV-j| eminent claims it will. regulate tMli banking system, safeguard 4epoatcra® control the volume of credit, coPUffife exchange, and co-ordinate AuswaJwS banking policy under the direcuan w & a'Commonwealth bank.” Mr Menzies said many lieved that, if hundreds of mlfllWfJ could be found for war tt|j same amount of money could be fOU%| for peace-time projects. wa» extremely dangerous fallacy, in last year Australia spent £700,000,000. Great expansion been possible only because the Wgt ernment set in motion exMWwja running into hundreds of millions i had then withdrawn from the,..pßP«4 v a large proportion of the purcnjfflSjl power created; Wien ■ people Government could spend as ntehy'®»*K lions on peace as on war they«WSM assuming that the economic; and, SQCjgiconditions applying in war time ■ continue in time of peace.