CENTRAL BANK

Hokitika Guardian, 2 November 1932, Page 7

CENTRAL BANK

MR ATMORE FEARS INFLUENCE

■WELLINGTON, October 31

The statement that the establishment of a central reserve bank would mean that New Zealand would Use all financial autonomy was made in the House by' Mr H. Atmore. (Ind., Nelson). His speech was confined almost exclusively to a discussion of the question of currency. Mr Atmore said there should be a clear understanding of the, position in connection with a central reserve bank. The cenral reserve bank recommended by Sin. Otto Niemeyer would tie New Zealand to the Rank of England, and according to.-oite ! .of’its directors, Sir Josiahthat bank in turn took its ordJrfir Horn the Federal Reserve Bank of America. Reference was made by Mr Atmore to the criticism Mr F. Lye (Govt., I Waikr.to) had levelled at Mr A. -1. Stallworthy (Govt., Eden) earlier in the debate in connection .with the stand the later had taken over the school books contract. Mr Atmotc said that jn attacking Mr Stalhvorfchy I as he had, the member for Waikato bad been badly briefed. The member for Eden had performed a public service in drawing attention to the contract that had been entered into by tile Minister of Education, Hon. Jt.‘ Masters. There was no doubt; that the Minister had made a bad bargain. He fully recognised that Mr Stallworthy was well able to defend himsef against the member ! for Waikato. Although he might not agree with him on many things,- they all, knew of his fine character, which stood out just as it had before the attack.