REPLY TO MR. COATES

Evening Post, Issue 29, 4 February 1935, Page 10

REPLY TO MR. COATES

APPROVAL OF BANKS

_The secretary of the: Associated Chambers of Commerce (Mr. A. O Heany) has . forwarded the following reply, to the Minister:—

"I have your letter of February 2. My committee fully appreciates that its discussions with yourself and your staff were held in private in order that completely frank expressions of opinion could be exchanged. You will remember that at the first interview, which you so kindly granted on the urgent request of that committee, you were advised that the committee had no intention of rushing hurriedly, into publication, but that there was strong pressure on it to make a public statement of its views. You will also' remember that at the second conference the chairman advised you specifically that early publication, of our ; views was essential, to which you replied that you could raise.-.no objection to such a course. My committee is confident that ;you will not find in. the memorandum to be published, on Monday, February 4, any statement which could be regarded as a breach of confidence.

■"Both the executive of my.' association ;■ and the special committee of commercial and financial interests set up under the auspices of my association, for the consideration of mortgage finance proposals, are quite clear that the two opportunities of discussion that you afforded to that committee, and the views exchanged'at those discussions, by no means represent the last word on the subject. Consequently nothing has been included in the statement by the committee which indicates that a decision has been made by you on any controversial points.

"In regard to the last paragraph of your letter, my committee has had full reports of your discussions in other centres, and is in a position to state emphatically that the views expressed in the statement which will be published,, are generally endorsed by the interests throughout New Zealand enumerated in the second paragraph. It is possible that there may be individuals associated directly or indirectly with those interests who do not endorse the views of the committee, but the draft statement has been fully and officially endorsed by all the organisations enumerated in the.second paragraph, excepting only the New Zealand Law Society, which has not yet held a meeting for the purpose. This endorsement includes the official endorsement of the Life (Insurance) Offices Association for Australasia, whose decision in the matter was afterwards endorsed by the New. Zealand Life (Insurance) Offices Association.

"As regards the Associated Banks, your letter has been referred by the chairman of my committee to the chairman of the Associated Banks, and the chairman of my committee is authorised by Mr. Yaldwyn to tell you that Mr. J. Cruickshank Morrison acted on the committee for and on behalf of the Associated Banks, and that the memorandum, as issued for publication, has the full and official endorsement and approval of the Associated Banks. It seems clear, therefore, that you must have been mistaken in regard to the advice received by you from the chairman of the Associated Banks. ;

"I am instructed by my committee to again thank you for your promise to arrange a further interview as early as possible. My committee hopes that you will be able to arrange this interview early next week, and awaits your further advice on the matter."