WORTH OF P.O.S.B.
Value Of Asset To Community (N.Z. Press Association) WELLINGTON, April 23. The Post Office Association has protested to the Government at the proposed extension of savings facilities to trading banks. The association’s president. Mr F. G. Conway-King, said today that he would lead a deputation to the PostmasterGeneral (Mr Scott) next week. He had also asked to see the Prime Minister (Mr Holyoake) on his return to New Zealand. Mr Conway-King said the Post Office Savings Bank was an asset owned by the people as a whole, and any action taken to undermine its effectiveness in the interests of private profits was a challenge to an asset which had proved of great value to successive governments and to the community as a whole. The inevitable result would be that private shareholders of banks, some of them owned by interests outside New Zealand, would be able to bid for the people’s savings and lend them back to the Government at a higher rate of interest.
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https://paperspast.natlib.govt.nz/newspapers/CHP19640424.2.51
Bibliographic details
Press, Volume CIII, Issue 30424, 24 April 1964, Page 3
Word Count
167WORTH OF P.O.S.B. Press, Volume CIII, Issue 30424, 24 April 1964, Page 3
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