BILL NOT WELCOME

Evening Post, Volume CXVI, Issue 96, 20 October 1933, Page 10

BILL NOT WELCOME

(By Telegraph.)

(Special to the "Evening Post.")

CHRISTCHURCH, This Day.

The Christeburch "Times" says:—■

"The changes made in the Beserve Bank Bill were not unexpected except perhaps in regard to profits from tho sale of the gold transferred to tho Reserve Bank by the trading banks. It is apparent that the Government failed to arrive at an agreement with the trading banks on this question and tho morality of its method of solving tha problem will bo very hotly debated. Tho Government's view clearly is that since the gold has been lying idle the trading banks have no valid claim to the value securing through the appreciation of the metal generally and through the increase in tho exchange late in particular, but we shall be surprised to find this opinion endorsed by the commercial community.

Another very important issue that has been dealt with in tho amendments to the original draft is the measure of Government control of the Reserve Bank. Tho new proposals arc apparently borrowed from tho Indian schemo lately adopted. It is to be regretted that tho Minister's statement on tho introduction of the Bill was mot more informative.

•Uroadly speaking, this is scarcely the time that should be chosen for a. revolutionary change in, our banking

methods and the Minister should surely have explained more fully the reasons for the introduction of the measure."