BANKING PRACTICE

Dominion, Volume 22, Issue 226, 20 June 1929, Page 10

BANKING PRACTICE

ITS NATIONAL PURPOSE WIDER SPHERE OF STUDY MINISTER’S RECOMMENDATIONS In view of the place occupied In national life by banking practice, the Minister of Labour (Hon. W. A. Veitch), in an address yesterday, before the annual conference of the Bank Officers’ Guild, recommended the organisation to foster amongst its members a special study in tile wider field, including the economic effect of banking upon the development of New Zealand.

The Minister, who was applauded on rising to speak, conveyed greetings on behalf of the Prime Minister (Rt. Hon. Sir Joseph Ward), who, he said, had always taken a keen interest in the welfare of the members of the guild, and who had expressed a wish that the conference’s deliberations would lead to improvement of the general conditions of those the institution represented, and maintain —if possible improve—the goodwill which undoubtedly existed between the staffs and their employers. Congratulating the guild on its excellent progress over its ten years of life, Mr. Veitch said that in reading through the annual report he had been pleasantly impressed with the fact that the guild did not confine its activities to the discussion of service conditions with the employers, and in that respect wisdom was shown since there were many things that could be done in the way of helping each other. “There is a great deal you can do,” the Minister added, “to encourage your members to study their business in order to make themselves qualified for the higher positions in that great institution known as banking. Widening the Scope.

“I notice there is a diploma of banking, and in that connection this thought has occurred to me: Whether or not the line of study leading up to it is sufficiently wide and comprehensive. There is a danger—and I use the word advisedly—that it will be merely the means of leading men to study their own ordinary everyday work in the banking houses. It is certainly advisable that every man should study his business and qualify himself to be. a first-class man in it, so that by increasing the value of his service he can obtain a better price for it. But I would like to see more than that, and see the study extended to a wider sphere. “Banking, although apparently established for the purpose of extracting profits from its clients, has a much wider and more definite, national purpose. The purpose of banking is to organise the people’s credit and make it available to them for the development of the country in all of the many features of industrial and commercial enterprise that exist

“I would like to see the members of your institution making a special study in the wider spheres m currency, credits, securities, and all the other economic features of finance in general.”

Service the Foundation.

“I think it would be a great thing for New Zealand," the Minister continued, if the many young men of high intellectual qualities employed by the banking institutions became thorough masters of banking from the point of view of political economy as well as from the point of view of their everyday life. The foundation principle of every institution should be service—service to the people. Ao institution can continue to exist unless it serves the people. The extent of its success must depend upon the extent to which it serves and meets the requirements made on it. I suggest to you with respect, and without criticism, that you should widen the sphere of your studies to embrace every feature not only of banking practice but of the economic effect of banking upon the development of this very fine young country of ours. That is the thought that comes to my mind in reading your report.” The Minister also said that as far as he could judge, the guild deserved the thanks of the community for what it had already done in the direction of educating the young men engaged in the banking institutions. Nevertheless he suggested that the sphere of study should be widened down to the very bedrock of political economy as a science. . The secretary of the guild (Mr. H. P. Mourant) interposed that the syllabus was a comprehensive one. “If what I am saying now is covered by the diploma I shall be delighted to hear of it, because it will show that great minds think alike,” replied the Minister with a smile. . , At the conclusion of the Ministers address, Mr. Mourant outlined the subjects concerned in the diploma course, and intimated that a committee at present was engaged on revision work aiming at further improvements. The Minister: I think anyone who can master all these subjects would be well qualified for the position of general manager of the Bank of New Zealand. (Laughter.) Mr. Mourant: There are fifty-seven of them. . , . The Minister: That is very good indeed.