“WILD FINANCE.”

Manawatu Standard, Volume LII, Issue 175, 25 June 1932, Page 7

“WILD FINANCE.”

MINISTER’S ATTACK. Per Press Association. WELLINGTON, June 23. “In view of the many wild financial theories that have been ventilated today, it is increasingly important that bank officers should thoroughly understand the principles of sound finance so that they may readily rocognise the hollowness of the wild vapourings of those who argue that wealth can be created bv the use of a printing press,” said the Minister of Justice, the Hon. J. G. Cobbe, at the annual smoke concert of the New Zealand Bank officers’ Guild. When he looked round and saw tiie wealth which those present owned and controlled, he felt like a swagger who had dropped into a gold mine. “A deputation waited on me recently and told me in an emphatic manner what was the duty of the Government at the present time,” continued Mr Cobbe. “I may say that the scheme they advocated would cost several millions. “When their business had been explained to me at length, I asked a question—where would the money come from? The chief speaker at once said, ‘The banks have £43,000,000 of money. Take that and give them Governmental bonds.’ “So you see that all the financial experts are not in the service of the banks,” concluded the Minister.