WHAT DID SIR JOSEPH WARD SAY?

Gisborne Herald, Volume LXXII, Issue 21756, 4 July 1945, Page 6

WHAT DID SIR JOSEPH WARD SAY?

A BANK WARNING A useful light is thrown on the important question of the proposed Government purenase ot the Bank of New Zealand by referring to a statement made by Sir Joseph Ward, when Prime Minister. 38 years ago. ‘To merely say that the Government should take over the Bank o New Zealand would imply that this could be done by Act of Parliament as an ordinary everyday proceeding whereas it was nothing of the kind," he stated. “Such a course was surrounded by extraordinary difficulties, immense responsibilities; and underlying the whole matter was a sense of gross injustice to the shareholders of the bank, who, though rescued by the Colony coming in, had still rights that even the almighty power of Parliament could not ignore .... “They might just as well say that in their opinion, the Government should introduce legislation to transfer New Zealand to the centre oi America for the one thing would b' re 1 .-'lively as easy as the other . . . . “No Act of Parliament could take away these rights fof the shareholders) from ’them any more than, by M of Parliament you could sh-r New Zealand to some other part of the World.” (Hansard Vol. 140 Mr. Nash refuses to be bound by. or to honour, Sir Joseph Ward s undertaking. Can Mr. Nash, who will not reign forever bind a successoi to his undertakings? There is onlv one sane and logica decision on this question. Leave tly Bank alone.— lssued by ed Chambers of Commerce of Ne*, Zealand. (P.8.A.)