STATE BANK.

Lyttelton Times, Volume XCIII, Issue 10596, 4 March 1895, Page 2

STATE BANK.

OPEN-AIR MEETING. There was a good attendance of the public at the open-air meeting, convened by the Progressive Liberal Association, which was held in Cathedral Square on Saturday night. The Secretary, in the unavoidable absence of the President and Vice-president, presided. A.n apology for con-attendance, on account, of a family bereavement, wss received from Mr Verrall. . Mr Ireland, who was received with applause, said ho thought that a State bank was one of the most important of human institutions. The well-being of the people generally, and the trading portion of the community particularly, was largely dependent upon the good working of the banks of any country. Seeing this was so, banking should not be lift to private enterprise, and should not be under the almost sole control of men whose chief aim was to amass a fortune, and who for the most part were a set of dividendhunters. Surely the State had proved its fitness to manage the business of banking, seeing the success which had attended the Government post-office, the State control of the telegraph, system, and the Government Life Insurance aad Public Trust Departments. It was, ho said, a significant fact that none cf the Cabinet Ministers during the last general election referred to the State bank question in their speedier. He considered that the £2,000,000 loan to the Bank ot New Zealand was gained by unfair means. The Government must have known of the trouble in connection with that institution; still nothing was done until the very last minute, when the House voted on the measure while in a fearful frame of mind. He believed that it would have been one of the host things that could have happened for New Zealand had the Government taken the bank over and made it a State institution. He fully recognised the imnorbaace of bi-metalism, but it, at beat, was only a palliative—it did not go to the root of the evil. He moved—" That this meeting regards the establishment of a State bank for the issue of notes and for Government business, of vital importance to the people, snd trusts that the Government will'deal with the question at an early date ; also, that each member of the House of Representatives be supplied with a copy of tbo resolution, and be urged to move in the Souse next session for the appointment of a Royal Commission to deal with the question.” Mr Ell eeeouded the motion, which was carried without a hand being held up in opposition. Mr lb E. Taylor said that he donsxdered the country had its State bank in embryo in the Post Office Savings Bank. The machinery was there to work a State bank, but the people wanted the right to withdraw their money by means of cheques. He urged that the State bad given strong evidence of its fitness to control a State bank. The present system of banking benefited the few ; a system of State banking operated for the benefit of the whole community. The industrial problem was becoming more complicated every day, the unemployed difficulty was becoming more intensified, and he fait that the only complete solution of the difficulty was for the State to seize and control the means of production and distribution, not only banking, but the coal and gold-ininea, &c._ He moved " That this meeting is o! opinion that the depositors in the Post Office Savings Banks should be granted the right to withdraw their money by means ot cheques.” This mot\on was seconded by Mr Eldred, and carried unanimously.

A resolution expressing sympathy with Mr Yerrall in his bereavement through a death in his famiiy, was carried. A hearty vote of thanks to Mr Ireland and Mr T. E. Taylor for their addresses was carried with acclamation, and brought the proceedings to a close.