The Reserve Bank

Dominion, Volume 26, Issue 69, 14 December 1932, Page 11

The Reserve Bank

Sir, —No 'doubt there will be considerable controversy as to the need for such an institution as the Reserve Bank. Large shareholders of other banks will not look upon it with much favour, and many people will oppose it simply because others do. I for one consider that the move its in the right direction. I have not seen a copy of the Bill, but no doubt your resume of same, in Saturday’s paper, shows the salient points. From those I judge that every care has been taken to provide for most things, except to make certain that the Reserve Bank will not fall into the hands of other banks or large capitalists, and this is what will happen unless there is, by the constitution, a limit to the number of shares held. From a people’s point of view it would be much better to have ten thousand shareholders, each having £5O, or, better still, twenty thousand with £25, than twenty having £25,000 invested. There should. I think, be a limit to the number of shares held by any one individual, family or company. Speaking as one of the people, having a love for fair play, law and order, and of somewhat conservative ideas. I would like to know that I was a small shareholder in a concern that was working to benefit all, but to be a minnow among a few sharks, no, Sir, not for me. I strongly object to. the people being used for the benefit of the few, as, methinks, I elearly see where it is leading and has led us, therefore, in all humility, I say to those in power, Beware!—l am, etc., J. SIDDELLS.

Wanganui. December 12. [Shares in the Reserve Bank are. to be offered at par for public subscription in New Zealand, and shall be allotted by the'Minister of Finance “in such manner as he may in his discretion determine.”]