NATIONALISATION OF BANKS
Sir, —Your somewhat embittered leader in “The Press” of August 16 about Mr Chifley’s demand for banking nationalisation leads one to ask who are these “fanatical theorists”—allegedly so delighted with Mr Chifley’s action? Outside Socialist ranks aiming at universal nationalisation, presumably you believe they are- social creditors and money reformers generally. May I suggest that if you toqk the trouble to come to earth occasionally to verify your remarks you would find these particular people singularly indifferent, and in many cases in opposition to the nationalisation of banks. Actually, the central banks already have the power to control financial policy and the banking system. Unfortunately, this power is at present not exercised in the interests of the people. Complete nationalisation of the banking system could be a very grave danger to democratic institutions.—Yours, etc.. J. E. COLECHIN, Secretary, N.Z. Division, the Economic Reform Club and Institute of London. August 21, 1947.
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Press, Volume LXXXIII, Issue 25270, 23 August 1947, Page 3
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154NATIONALISATION OF BANKS Press, Volume LXXXIII, Issue 25270, 23 August 1947, Page 3
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