LABOUR MANIFESTO
ON, BRITISH. BANKING POLICY.
BARCLAY'S DIRECTOR’S REPLY.
United Pre#« tri# • Telegraph-Copyright.)
LONDON,. November MThe La’bour party *■ . recently issued a manifesto, oh banking', - policymak-' ing various suggestions, - inch ding one . for .the ■nationalisation' 'of the Bank •of England and ‘he ..amalgamation of the <( Big vFivo” banks into a corporation - under.. public ownership and control. ' ‘ - •* •
UTlie “‘Big . Uiye”\ ate Barclay’s Bank, Lloyds Bank,' the • M'dland Bank, the National. Provincial Bank, and. the Westminster Bank. A reply to this manifesto has been made by -Mr TV L, Bland; * director of Barclay’s JUnk,. and president of the 4 Institute' of [Bankers, in an address, at* which he 'said ; that the nationalisation of the Bank of England 'might appeal to' the uninstructed,' but he thought that-’these did. not Realise ■ the- risks • ‘ involved vhor the close contact which '-existed /r .beady between' the bank and the Government. v,.. '
Those who made ~ the stupendous proposal for the amalgamation - of the “Big Five’! could have little 1 idea what it would entail... ' 'lts . advocates sapd /Great Brtaiu -already had; public boards “ successfully functioning, for instance, the; Metropolitan . Water Board.' There . was no ’ analogy, Mr Bland said.' -bet Ween /‘conditions in banking and those which led to the formation of : that type ' of. public board. ... /■../ .■■ 'V,
“The bUt is held out, by implication, that banking services wo’dd be he said.. . “Is there any prospect .that economies would result .from. the. change- proposed 0 Experience points in' the opposite dir* ection. ■ 7 *7
“Are the Post Office’s services regarded as' very' cheap ? Its charges for transporting money do not compare favourably, with our •. own.. Leaving aside the'-'gre?:4sr offer the public, no/ trustee seems able to do the work for the price at which we transact similar services,” he said-
BYRD’S EXPEDITION. . CRISTOBAL, November 13. Byrd’s ship, the' “Bear” h«« : arrived here. She will re-poal and then will proceed as soon as possible to , join the “Jacob Ruppei't” at' Dunedin,
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Bibliographic details
Hokitika Guardian, 14 November 1933, Page 5
Word Count
321LABOUR MANIFESTO Hokitika Guardian, 14 November 1933, Page 5
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