MORE THAN 8595

Grey River Argus, 11 July 1945, Page 8

MORE THAN 8595

Shareholders and The Public It is a mistake for members of the general public to say, “The Bank of New Zealand doesn’t concern me.” There are over eicht thousand shareholders who are vitally interested in the future ownership of the bank —but they are hardly more affected than the ordinary citizen will be when the bank becomes a State institution.

At the present time the bank is a strong and flourishing concern with branches all ovei’ New Zealand, and doing business daily with thousands of customers and tens of thousands of ordinary men and women. The relations between a bank and its customers are particularly intimate and personal—that is why New Zealand’s present bank structure is so sound, useful and successful. The Bank of New Zealand in the process of becoming a State bank, 's to be uprooted and replanted. It will have a changed policy, and will become another - government department. Those behind the scheme are ambitious to incorporate all banking and the people’s financial transactions within that department. When that time comes, nobody will escape the prying questions, the departmental delays, and the official dictation that will be inseparable from the activities of such a State banking monopoly. All business people and many others are unpleasantly conscious of the present scope of departmental questions and directives. These will expand in the coming years to keep step with the encroachments of Slate control and State interference. The purchase of the Bank of New Zealand will be a triumph for the State socializers —and a grim warning for all who believe in free enterprise and personal liberty. —lnserted by the Associated' Chambers of Commerce of New Zealand.