FARMERS’ UNION

Northern Advocate, 20 April 1933, Page 6

FARMERS’ UNION

DOMINION EXECUTIVE CENTRAL BANK CONTROL. REASSURANCE BY MR COATES. (Per Press Association. —Copyright.) WELLINGTON, This Day. At a meeting of the Dominion Executive of the Now Zealand Fanners’ Union last evening, fears were expressed that the proposed central bank might be controlled by financial interests, Air Colbeck said he could not see how the central bank was going to benefit the farmers. It was decided to leave the question in the hands of a. special committee.

The Alinister of Finance, the Rt. Hon. J. G. Coates, wrote stating that the sole purpose of having private shareholders was to provide a nonpolitical franchise for the election of the Board of Directors. All authorities laid great' stress on the point that the ditlicult task ot controlling credits and ciuroncy should be entirely free from the unsettling effects of politico. If the hill were carefully studied, it would bo seen that adequate safeguards had been provided against the banks or any other financial concerns obtaining control of the central bank through buying shares. In the first instance it should bo noted that the shares must he held by individuals, and companies •'could not hold shares. .Secondly, shares were to bo allotted in the first instance to the Alinister of Finance, and the voting power ’ that might bo exorcised by anyone was definitely limited. Shares could bo held only by persons ordinarily resident in New Zealand.

A further safeguard would be found in the provision whereby not more than one of the directors could be a director of any other bank, while officers of other banks were not eligible for appointment. There would be no occasion to fear that a reserve bank would be in any way dominated by the joint stock banks.

It was decided to ask Parliament to c-:et up a. committee to make full inquiries into the present monetary system. Mr H. 0. Melsopp, of Auckland, said a monetary system could be put into operation which would get New Zealand out of her difficulties within six months. AUCKLAND PROVINCIAL. CONFERENCE AT DARGAVILLE. " FORMALITIES AND REPORTS.

(Special to “Northern Advocate.”) DARGAVILLE, This Day. Over 300 delegates from all parts of the Auckland Province are assembled at Dargaville for the annual conference of the Auckland Provincial Council of the New Zealand' Fanners’ Union, which opened yesterday. Mr W. A. Morgan, president of the Dargaville branch, presided in the absence of Mr H. M. Rushworth, M.P. for Bay of Islands, who is touring with the Ministerial party-in the Far North, The Mayor of Dargaville. Mr F. A. Jones, welcomed the delegates. The conference is expected to last for at least two more days. There are over .90 remits on the order paper. Formal business and reports were considered yesterday.

At the conclusion of today’s sitting only 27 out of 90 remits on the agenda had been considered. The stibjects include every aspect of farming problems, and many deal with finances and currency. The union is pressing for a public inquiry into the currency question on the lines of recent resolutions.