Gold and the Banks

Dominion, Volume 27, Issue 33, 2 November 1933, Page 13

Gold and the Banks

Sir —-Kindly allow me space to express my views on the subject: “Who owns the gold in the banks.' I notice that Sir Francis Bell claims in the first wsUjee that the Government never had and has not any right to any part, of ih Bersonally I remember the night m the 'nineties when the Rt. Hon. R. J. held thelHouse al! night, to save the Bank of New Zealand from annihilation, ana guaranteed two millions of our money te save it. I contend that gives us a title to one-third of their gold. Again Sir Francis claims the gold was all imported into New Zealand by. the banks. 1 contend that most if not all the gold from our many mining areas (and we are one of the greatest gold-winning people of the world for our aine) was purchased by the banks, who gave paper tor it, then sent it away to be minted, allowing themselves a good margin on the transaction to cover freights, insurance, etc. They. then obtained the people's gold and gave paper in exchange. . No, Sir. every owner of a pound note has a perfect right to demand gold for his note, and then we would see wlio owned the sold. Again is a fact that no one really owns land in a country it really belongs to the King. The same mint nnplv to buildings and assets not removable. The banks’ property cornea in this a-'ain. purchased by the said- gntfl. Tt is time the Government tbok a firm hnnd nnd settled the matter, once and for all.-T am. etc, R R CHKISTI .AN.. Te Raws, October 29.