BANK OF ENGLAND.

Hawera Star, Volume XLVII, 16 May 1928, Page 7

BANK OF ENGLAND.

CONSTITUTION AND POLICY

-LABOUR. ASKS FOR, INVESTI-

GATION

IUNITED TRESS ASSOCIATION —BY ELJu TKJ« VeLEGRAPH—COPYRIGHT.) (AUSTRALIAN PRESS ASSOCIATION.) LONDON, May 14. During the Currency Bill discussion, Mr. Philip Snowden moved an amendment to withhold, assent to the Bill in the absence of any policy putting into operation the resolutions of the Geneva international conference in 1922, and until an investigation has been made into the constitution, powers and polior of the Bank of England in the light of modern developments of finance and industry. Mr. Snowden said that .Labour in nowise wanted to make this a party question or to censure the Bank of England, but the time had come to review the latter’s archaic constitution. The Bank/ of England should he a public corporation composed of the best men in finance and industry, with representatives of the co-opera-tive Labour movements. The Bill restricted tbe currency total too rigidly. Commander Young supported, the demand for an inquiry, though not a-s a preliminary to the passage of the Bill. ‘ x . Mr. D. R. Grenfell said that in view of the tone of the amendment he hoped tbe Bill would pass. There \yas no reason to hold up the Bill for another inquiry. . Mr. F. W. Pethwick Lawrence said the- Bill was a disastrous return to out-of-date conditions, and was at variance with the best 'international views of currency. Sir L. Worthington Evans said the Geneva resolutions valuably pointed the way to the restitution of sound financial and economical conditions. Most of them had been carried out m Britain. There was no necessity for further inauiry into the Bank of England’s control. The debate was adjourned.