MINISTER’S COMMENT

Press, Volume C, Issue 29469, 22 March 1961, Page 16

MINISTER’S COMMENT

“Sympathetic” To Proposal

The Minister of Finance (Mr Lake) said last evening that he was sympathetic towards the scheme, for a trustee savings bank in Canterbury, but naturally no decision could be given on the application until the Cabinet met and considered it. “I have told the Trustee Savings Bank Committee that if it comes to me with a definite proposal, and something which is a practical proposition, I will place it before Cabinet,” said Mr Lake.

“I think the scheme will require new legislation,” he said.

An indication of the initial amount to be paid in, together with the name and address of the depositor—on a form in the Canterbury Public Relations office in Oxford terrace—is all that is needed for members of the public to show their desire to become foundation depositors in the proposed bank. The Canterbury Public Relations officer (Mr E. G. Beckett) said last evening that indications were that the office could expect “quite a crowd” this morning. No cash transactions would be made, said Mr Beckett, who explained that his office which was central and relatively well known was being used only as a temporary clearing house for the convenience of the public. At the end of each day the completed forms would be sent to the member of Parliament for Riccarton (Mr M. A. Connelly). Move Commended “The move being made to establish a trustee savings bank in Christchurch is to be strongly commended,” said Mr J. L. Hay last evening. “In those towns and cities throughout th Dominion where such savings banks are functioning they have proved to be not only financially successful but also great community assets. “Of course, the essential purpose of a savings bank is to encourage habits of thrift particularly among young people.” said Mr Hay. “Apart for the results such habits can produce by way of helpfulness to the general economy is the equally important effect on the individual.”