BANK OF NEW ZEALAND

Greymouth Evening Star, 10 November 1944, Page 2

BANK OF NEW ZEALAND

PROPOSE!} NATIONALISATION WELLINGTON, November 9. “It is highly disturbing to find the Minister of Finance (Mr Nash) taking an active part in securing the passage through the New Zealand Labour Party conference of a revolutionary remit calling for the nationalisation of the Bank of New Zealand,” said Mr Stronach Paterson, president of the Associated Chambers of Commerce of New Zealand. “Some irresponsible resolutions have emerged in the past from the Labour conference, but it is seldom that tne public have been treated to an account showing one of the principal Ministers of the Crown as one of the prime movers of what is a very important subject to the whole community of the Dominion. Wflat is the public to take from the report that the Minister of Finance seconded the remit? Does this mean that the Government has already decided on the nationalisation of the Bank of New Zealand, and that evidence of this was provided by arranging for the Minister of Finance to second the remit? Surely it will not be contended that the Minister of Finance, whoever it may be who occupies that office, can to-day promote a remit at the Labour conference as a private member of the Labour Party, and tomorrow as Minister of Finance consider that self-same resolution on behalf of the Government with an impartial, unbiased mind. It must always be the case that the opinions and convictions a man holds as bearer of an office in the* State cannot be different from those he holds as a private individual. No man can honestly hold views that differ according to whether he dons or doffs the mantle of office.

“The situation that has arisen obviously calls for an immediate declaration by the Government as to whether its already determined policy is for the nationalisation of the Bank of New Zealand. If this is not the policy of the Government then it should be explained why one of the principal Ministers of the Crown indeed the actual Minister whose main portfolio is concerned with this particular Labour Party resolution was permitted not merely to identify his Ministerial office with the sentiments of the resolution but actually to second and speak Tn support of its adoption. The country will require immediate clarification of this extraordinary and most irregular proceeding. At the same time, the Minister of Finance and the Governmentshould explain the significance of Mr Nash’s change of front, compared with his attitude at the Labour Party conference 18 months ago, when it was largely due to his unfavourable attitude that a similar remit was dropped. Does this mean that the Minister of Finance is now voicing a changed opinion on behalf of the New Zealand "Government?” PAYMENT METHOD Mr Andrew Hamilton, chairman of the Wellington Stock Exchange, said the change of attitude in those who have had opportunities of gaining sound financial experience here and abroad seemed to involve • a purely political issue, on which comment was inadvisable. The chief points before the general public at this stage were the method of payment, and the price to be paid to shareholders. “Will payment be made in cash, in which case the amount involved will materially aggravate inflation, or will ■it be made by the issue of Government stock?” asked Mr Hamilton. “At present rates inflation would again result, as well as unnecessary loading to the Government stock market, and unfair payment to those who had to sell at a discount. If the bank is to be taken over, a very necessary move is an early announcement of the price la share, as it is to be hoped that there will be no repetition of the WestportStockton case, where certain persons benefited at the expense of others.” TOTALS OF SHAREHOLDERS WELLINGTON, November 9. Bank of New Zealand shares were not quoted on the Stock Exchange to-day. There are 7700 shareholders on the New Zealand register, 1400 on Longon register, and 150 on Australian register. The average holdings are £450, £420, and £5lO respectively.