BANKING

Hauraki Plains Gazette, Volume 54, Issue 32624, 21 September 1945, Page 5

BANKING

(To the Editor.) Sir,—ln a recent issue of your paper Mr H. E. Hill has referred) to the “State control of currency and credit.” It is becoming more and more apparent that the “State” is not exactly what we once believed 1 it to be, e.g., the people, and that the term can be applied more correctly to the world hierarchy of money and credit monopolists, who, through their almost absolute control of currency and crediteffectively control the people and their representatives in all of their vital * matters of human endeavour. The Commonwealth Bank, of Australia has been ‘‘publicly” owned since 1912, but even so, fundamental banking policy and banking practice in Australia is no different, in any vital aspect, from ours. To change the nominal ownership of the Bank of New Zealand 1 will not mean vital monetary reform in the sense that fundamental orthodox baniking policy will be affected; neither does the nationalisation or socialisation of the banks. “Nationalisation, we welcome it,” said (Mr Montague (now Lord) Norman, some years ago, when chairman of directors of the Bank of England.—l am, etc., H. A. HAMILTON. Paeroa, 8:8:45-.