POLICY CRITICISED.

Manawatu Standard, Volume LIII, Issue 244, 12 September 1933, Page 8

POLICY CRITICISED.

CENTRAL RESERVE BANK

Per Press Association

CHRISTCHURCH, Sept. 11

The Leader of the Labour Party, Mr H. E. Holland, delivered an address at Akaroa to-niglit. He criticised the Government’s proposals for a central reserve bank on the general ground that while the Government was providing most of the money for the establishment of the bank it would not retain the same degree of control. The Bill proposed would perpetuate private control of bank reserves, for these would be merely transferred from the associated hanks to what was just another form of private control. This would perpetuate the supreme weakness of the banking situation to-day. Replying to the acting-Prime Minister, Rt. Hon. J. G. Coates, on the Roosevelt rehabilitation plan, Mr Holland said that be had approvingly directed attention to newspaper reports of reduced hours of labour and higher wage rates, fie had never for a moment urged the adoption of the American wage scale in New Zealand. Mr Coates’s entry into the Lyttelton fight was to be welcomed, for his speeches contained no single proposal for rehabilitation. After two years of Coalition administration things were definitely worse to-day than they had ever been.

A vote of thanks to Mr Holland was carried, and cheers were given for Mrs McCombs.