THE LIBERAL CANDIDATE

Evening Post, Volume XCVIII, Issue 138, 9 December 1919, Page 3

THE LIBERAL CANDIDATE

Mr. Dunbar Sloane, Liberal candidate for Wellington Suburbs, addressed a largo-gathering of electors at Lyall Bay last night. Mr. Fred Evans was in the chair.

Mi. Sloane spoke oh the advantages of a State bank. "I cannot understand," said the speaker, "any man in this country opposing a State bank. To put proper banking facilities within the reach, of all is to my mind the alpha and omega of the real welfare and happiness of the people of the Dominion. The present system withholds these facilities from thousands of workers of great potential worth to this country. AYe require, if we are to advance nationally, local manufactures. These will be the greatest employers of labour and the means of increasing the opportunities of the wageearners, besides affording a. wider field for investors of saved money. To the extent of the foregoing our present system has only been of limited social value. Huge profits are made by the few, whereas, a true State bank on sound lines would result in profits for the many. The State has always taken a hand in the_ banking affairs of this country, for it is only a few short years ago when it had to come to the rescue of one of our leading banks.- Again 'as soon as was _ was declared and people became a bit jumpy along comes the State and converts the note issue -into legal tender. Surely if the State can do this for private shareholders it can do it for the people. Accessibility of the small man to banking^ facilities, is the key note of State banking, and I venture to predict that the prosperity of this country will be increased many fold by the nursing and encouraging of our -local manufactures and secondary industries with the assistance of a sound State banking system. Ido not advocate tbe buying out of the Bank of New Zealand, hut the Government might withdraw its present interest and make a fresh start. To conclude I wish you to understand this, that the State bank would not abolish the present banks—it would protect them and thus make our economic position sounder."

The candidate received a vote of thanks and confidence.