LABOUR AND THE BANKS
SERVANTS NOT MASTERS
DRASTIC PROPOSALS United Press Association—By Electric Telecraph—Copyright. . CANBERRA, 24th November. The Labour Ministry's new banking proposals involve the removal of the present restrictions on the proportion of notes to cash reserve and the transfer of power to fix exchange rates with London from the Associated Banks to j tho Commonwealth Bank. The Hon. F. Anstey, Minister of Health, forestalled Mr. Theodore, who i'» treasurer, with an explanation of the Government 'a intentions. Mr. Anstey declared that tho banking institutions must cease to be masters and must become the servants of industry. Ho points out that tho exchange rates at present are not fixed in accordance with the movements of money and credit between Australia and London, but largely on the result of secret understandings between the private banks. "In these- periods of depression it is essential that advances should be made on good security," said Mr. Anstey. "Labour will enable the Commonwealth Bank to have an opportunity of providing a great service to the nation and the private banks must follow suit or perish. Thus industry will be promoted; employment follows, and prosperity is the outcome."
America's prosperity, Mr. Anstey claims, is largely based on. the progressive policy of her financial institutions.
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Bibliographic details
Evening Post, Volume CVIII, Issue 127, 25 November 1929, Page 9
Word Count
209
LABOUR AND THE BANKS
Evening Post, Volume CVIII, Issue 127, 25 November 1929, Page 9
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