BANKS CRITICISED
FINANCIAL LONG” ATTACKED. (SPEECH BV MR R USE WORTH. (Per Press Association. —Copyright.) 1] AJvl I ETON,. This Day. Mr 11. M. Rush worth M.R., vigorously criticised the ‘‘financial ring” in a speech at Morrinsville last night. His speech was mainly on anti-tariff lines demanding reduction in production costs to enable the pfimary producers to compete in the world markets.
Mi- Rushworth said that such a reduction in costs would bo of no benefit unless at the same time the power of the ‘‘financial ring” was checked. During last year, a period of depression, the Batik.of New Zealand made record profits, the shareholders, being specially exempt from income fax. When the bank’s license to issue notes expired recently, it was renewed for three years, whereas the Rent .Restriction Act was renewed for six months only. Although four out of the six directors were appointed by . the Government the ordinary shareholders, had been, able to dominate. Criticism of the "banks was not popular and. his name had been ‘‘mud” since he spoke on the subject in the Budget debate. He was of the considered, opinion that the ‘‘big press” of the Dominion was largely governed by financial institutions. The time was overripe for an overhaul of the banking currency and credit systems. ; f
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Bibliographic details
Northern Advocate, 20 August 1929, Page 10
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214BANKS CRITICISED Northern Advocate, 20 August 1929, Page 10
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