RESERVE BANK BILL

Dominion, Volume 27, Issue 16, 13 October 1933, Page 10

RESERVE BANK BILL

Consideration by Caucus

INTRODUCTION NEXT WEEK

Almost complete agreement, it is believed, was reached on the Reserve Bank of New Zealand Bill at. caucus of Government members which was held yesterday morning. The penultimate draft of the Bill was placed before the ca’ucus by the Minister of Finance, Rt. Hon. .1. G. Coates, and a long discussion followed. Mr. Coates indicated last, night that only one point in the Bill of any importance remained to be . settled. . Mr Coates expects to receive the final draft of the Bill to-day, and during the week-end he will fulfil bis promise to the representatives of the New Zealand Associated Banks to discuss it with them in detail. It is probable, therefore, that the Bill will be ready for presentation in the House of Representatives early next week. The Government does not propose to issue a statement in reply to the suggestion made by the London Financial Times,” and cabled to New Zealand, that an assurance is required “that the bank will be managed on the soundest lines in accordance with a permanent policy of financial experts.” WHEAT PURCHASES Quality of Southland Crop CLIMATIC DIFFICULTIES “The Wheat Purchase Board has already purchased from growers virtually the whole of the fair average quality wheat harvested this year in Southland, and in addition to approximately 25,000 sacks purchased and resold to have been purchased and stored on the board’s account,” said the Prime Minister, Rt. Hon. G. W. Forbes, when replying to a question asked by Mr. P. A. de la'Perrelle (Govt., Awarua), in the House of Representatives yesterday afternoon. “Difficulty was experienced with some Southland wheat which was out of condition and carried particularly high moisture content. “Special steps were taken to reexamine this wheat, and some at. least has improved in condition and been accepted. Some, unfortunately, could not possibly be purchased and safely stored, but every possible consideration has been given to growers’ interests and allowances made for climatic difilcultnillers in that district, 18,000 sacks ties. A member and officers of the board have made several visits to Southland to meet growers and merchants and to overcome difficulties.” Mr. Forbes also said that some weeks ago the board bad received from the Invercargill Grain and Produce Merchants and to overcome difficulties.” • members growers sell their wheat) a letter in the following terms/ “I am instructed to write to you expressing to you and the board the appreciation of our association for the treatment accorded in regard to milling wheat this season. Members are unanimously of the opinion that the board has dealt with the matter very fairly as far as the Southland districts are concerned.” It was estimated, said Mr. Forbes, that only 500 sacks of f.a.q. wheat remained in growers’ hands in Southland, and this would no doubt be taken up by the board when offered.