RESERVE BANK PLAN

Hawera Star, Volume LIII, 12 September 1933, Page 6

RESERVE BANK PLAN

LABOUR LEADER CRITICAL

DESIRED CONTROL LACKING. PERPETUATING WEAKNESS'. ATTACK ON COALITION. ■{By Telegraph—Press Association.) CHRISTCHURCH, Sept. 11. The Leader.of theiL&bour Party, Mr H. E., Holland, delivered an address at Akaroa to-night in furtherance of the Akaroa"by-election campaign!. He criticised the G-over.nmc nit’s proposals for a central reserve ibamk o-n the general ground that while the Government was providing most of the money for the establishment of the bank it wo’uld not retain the same degree of control. The Bill proposed to perpetuate private control 1 of the bank reserves, for that would ■be merely transferred from the Associated Banks to- what was only an3o.th.er form of private control. That would perpetuate the supreme weakness of the banking situation to-day. Replying to Mr Coates on the Roosevelt rehabilitation plan, Mr Holland Baid he had approvingly directed at.ten.ition to newspaper reports of reduced hours of labour and higher wages rates; he had never for a moment urged adoption of the American wages scale in -New Zealand'. -' Mr Coates’ entry into the Lyttelton fight was to be welcomed, for his speeches coirtained no single proposal "for iehaMlitaitio-n, After two ycarcs of Coalition administration things were .definitely worse to-day than they had ever been. A vote of thanks was accorded Mi Holland. Mrs McCombs was cheered.

APPROVAL AT LONDON. •MR COATES COMMENDED. * (United Press Association —By Electric Telegraph Copyright.) ■ • LONDON, Sept. 10. The “Daily financial editor commends Mr Coates’ advocacy of the establishment of a New Zealand /reserve bank. The writer says Britain generally will agreo with Mr Coates assertion that the control of 'currency and credit, should not be left in the hands of commercial banks.. After approving other points in favour of a central bank the “Telegraph’ says: “Mr Coates might have added another equally important point, namely, a- reserve bank ensures 'sound exchange and freedom from arbitrary depreciations dictated, by sectional interests.