PARLIAMENT.

Manawatu Herald, Volume LIII, Issue 4259, 2 November 1933, Page 3

PARLIAMENT.

RESERVE BANK BILL ENTERS COMMITTEE STAGE. Progress was made by the House of Representatives yesterday with the.committee stage of the Reserve Bank of New Zealand Bill. Most of the afternoon sitting was occupied iu discussion on the short title, which was agreed to on the voices after about two hours’ debate. Members are allowed on the short title to speak four times of ten minutes each, and when later in the afternoon lie moved for urgency the Prime Minister did not Hesitate to express liis satisfaction at the progress that had been made. In asking for urgency, Mr. Forbes made it clear that his object was to obtain a little more iuttit.ude in respect to sitting hours. Second reading speeches on the Bill came to an end in the early hours of yesterday morning. In replying to arguments and criticisms advanced during the debate the Minister of Finance, Rt. Hon. J. G. Coates, said the establishment of a Reserve Bank would enable New Zealand to defend itself if necessary against domination or encroachment by overseas financial interests. Reserve banks, he said, had played a very definite part in countries that bad established, them. The banks in the United States of America bad co-operated with the Government of the day in putting into effect monetary policy decided at Washington. The second reading was agreed to by 43 votes to 28.

During the afternoon and evening a number of amendments to various clauses in the Bill were circulated.