Socialist Finance

Dominion, Volume 28, Issue 118, 12 February 1935, Page 11

Socialist Finance

Sir —The New Zealand Welfare League writes: “The objectives of the English and New Zealand bocmlistLabour Parties are the same—namely, to substitute State ownership for our P'csent system of private enterprise. But aim at the nationalisation of banking and other key activities—also political control of finance and investments. To the average thinking person the present banking system is an absolute failure, and there is no hope of providing the necessities of life for the people on a permanent and free from exploitation basis until the present control of the people’s real wealth by private banks is completely eliminated. _ The most satisfactory method is liquidation of. all pnvately controlled banks by the State. The Welfare League in its last paragraph writes: "Sir Stafford Cripps, the spokesman for the English Socialists, frankly admits that his party s advent to power will cause a first-class financial crisis, therefore it must'secure financial control quickly before the people have time to safeguard their savings ’ The savings of the people will not be confiscated as the league tries to make out because nationalisation of the present banking system will mean nationalisation of industry, and control ot production by the people's own bank; all profit comes back to 'the producers ol real wealth; under present banking conditions it goes to reserves of the trading banks-I ir OR WARD. Levin, February 8.