Nationalised Banking
Sir,—The Federation of Labour, in advocating the nationalising of banking is on the wrong track. Britain owns the Bank of England, yet is in dire straits financially. We own the Reserve Bank as well as the Bank of New Zealand and, like Britain, we owe huge sums in national debt which is the millstone round the necks of the taxpayers. The Idea behind the ownership is that banks are profit-earning, that money is the means of making more money. Actually, money is the means to policy, and ownership does not necessarily give control of policy, which should be the objective of successful gov-
ernment. This confusion between ownership and policy pervades all sections of society and begins when children in the schools are encouraged to put their savings into a bank to earn more money for them. Banking is a privilege which should be licensed to give Governments control of policy.—Yours, W. B. BRAY. Leeston, May 4, 1968.
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Press, Volume CVIII, Issue 31672, 7 May 1968, Page 16
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160Nationalised Banking Press, Volume CVIII, Issue 31672, 7 May 1968, Page 16
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