Reserve Bank Bill

Dominion, Volume 27, Issue 38, 8 November 1933, Page 11

Reserve Bank Bill

.Sir, —Yesterdays Town Hall meeting proves that there is still a number of citizens who do not yet realise tlie seriousness of the crisis with which New Zealand, in common with the rest of the world, is faced. In some respects a crisis more serious than the 1914-18 crisis is facing New Zealand, and the world, today. The chairman of the meeting in his opening remarks said : “The present crisis was the result of the borrow and squander policy first begun by Vogel and since carried on by successive Governments.” ' With equal truth he might well have said that a deal of the wealth created by such borrow and squander policies was being pleaded for by himself and other speakers. Throughout the world to-day thinking men are seeking the best means of saving the monetary and capitalistic system as we have known it, and in the main they are agreed that such can only be done by the modification of many prewar ideas held and believed sound.

More than thirty of the present eighty elected members of the New Zealand Parliament voted against the Central Bank Bill, for the reason that they wished to do away entirely with the present monetary and capitalistic system. A further forty-five of us. believing that" with modifications the present monetary and capitalistic system was quite worthy of being saved, voted for the Bill. Too many thousands of workers are unem'ployecl, and too many thousands of producers and small traders are on the verge .of ruin, for anyone to fee! that all is well with the Capitalistic system.—l am, etc., A. D. McLEOD, M.P. ‘ Wellington. November 7.