MONETARY PROBLEMS

Dominion, Volume 25, Issue 171, 15 April 1932, Page 18

MONETARY PROBLEMS

Palmerston Recommendations I — ,CENTRAL STATE BANK I . Dominion Special Service. I Palmerston North, April 14. To give cou side rat ion to the monetary proposals advanced by the combined Public Services’ organisation and endorsed by a public meeting at Palmerston North last night a special meeting of the Palmerston North Chamber of Commerce was held this ■afternoon, when it was decided to commend to the Government’s consideration the establishment of a central State bank and the institution of controlled currency.

The following resolution, which is to be forwarded to the Prime Minister, the Associated Chambers of Commerce. and the Palmerston North branch of the Public Service Association, and handed to Mr. J. A. Nash, M.P., at a specal meeting of the chamber and businessmen on Saturday morning, was carried unanimously:— ‘‘-That this chamber commends to the consideration of the Government, as a means of checking the present downward trend of prices and counteracting the policy of deflation at present In vogue, the establishment of a central State bank and the institution of a controlled currency.”

The president, Mr. JI. H. Oram, who moved the resolution, said he had held the view from the beginning that there was no need for the deflation that had taken place since the post-war days. He did not feel, he said, that the chamber should advocate the Civil Service proposals, but commend the proposals to the Government for consideration until the chamber had a tittle more advice on the subject.