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New Savings Plan (N.Z. Press Association) AUCKLAND, April 19. The Government’s plan to give trading banks savings branches would probably cost New Zealand £2 million a year, said the president of the Federation of Labour (Mr T. E. Skinner). This would only worsen overseas payment balances, especially with Australia.
He said the move would not increase to any extent the present level of savings. Profits from trustee savings banks were handed back to the people through public grants and they offered excellent home finance, but overseas trading banks would give their profits to shareholders, the majority of whom lived outside New Zealand. Mr Skinner said if the Government went ahead, the trustee savings banks should get the same facilities as trading banks —the . right to issue cheques, overdraft facilities and so forth. “Further, the overseas banks should not be allowed to take out of New Zealand profits made in New Zealand from the savings of New Zealanders,” said Mr Skinner. “These should be distributed for the development of the country.”
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Press, Volume CIII, Issue 30420, 20 April 1964, Page 12
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173CRITICISED BY F.O.L Press, Volume CIII, Issue 30420, 20 April 1964, Page 12
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