PARLIAMENT

Evening Post, Volume CXVI, Issue 107, 2 November 1933, Page 13

PARLIAMENT

TODAY'S PROCEEDINGS

HOUSE OF REPRESENTATIVES

Tho House of Representatives met! at 2.30 p.m. today. Urgency was accorded tho passage of tho Reserve Bank of New Zealand Bill, and the House went into committee, t Speaking on the clause restricting tho , bank from purchasing shares of banks j other than the Bank of International Settlements, the Leader of tho Opposition (Mr. M. J. Savage) said the Labour Party felt that New Zealand should not be .tied to any monetary system overseas. Ho suggested that they should put New Zealand's house in order before they connected up ' with external monetary systems. He moved an amendment with the object of providing (hat the Reserve Bank would be debarred from purchasing shares in tho Bank of International Settlements. The Prime Minister (tho Rt. Hon. G. W. Forbes) said the Bank of International Settlements had been set uj> to enable the financial arrangements of the League of Nations to bo given effect to. It was not.a bank in the ordinary sense by any means! The bank did not affect any question of curTCMr.' E. McKeen (Labour, Wellington South): It's another liability. Mr. McKecn said that it would be far better for the New Zealand Government to pay a direct contribution to the "Bank of International Settlements instead of directing the Reserve Bank to take up shares. Captain H. M. Rush worth (Country Party,Bßa r of Islands) said that the Bank of International Settlements could in the event of a dispute "assist those countries in tho right." That was an important matter, as one did not know who was going to declare What was Tight or wrong. • (Proceeding.)