EVERYBODY AFFECTED

Gisborne Herald, Volume LXXII, Issue 21777, 28 July 1945, Page 3

EVERYBODY AFFECTED

RESULTS OF BANK LEGISLATION Those who have no bank account (Bank of New Zealand or any other bank) may say the Bank of New Zealand purchase and subseo.uent control of all banks cannot affect them. Furthermore, tlmy have PTb Savings Bank accounts, and have not suffered thereby, though their money is in a State institution. It should be remembered that the firms which employ those people all have trading bank accounts. Under State control of banking, private accounts CAN be looked into. Mr Nash’s assurances that they will be secret, are worthless, as he lias already shown his assurances cannot br relied on. / Political discrimination with overdrafts and accommodation can reran in damage to firms, with loss of ; > for those who to-day say they are no' directly concerned. Even if Mr. Nash’s declamation could be relied upon, no Minister ca bind his successor with pledges. Moreover, State control of banking will give. the Socialists such a stranglehold on finance and industry that they will be in a position to impose further measures of regulation and direction on all members of The public including those who to-day imagine that they are not utio* • State control has gone far enough in New Zealand, and further extensions should be strongly resisted. —lnserted by the Associated Chambers of Commerce of New Zealand. (P.8.A.)