CENTRAL BANK PROPOSED

Northern Advocate, 14 July 1933, Page 3

CENTRAL BANK PROPOSED

OPPOSED BY FARMERS’ UNION. (Per Press Association.—-Copyright.) WELLINGTON, This Day. The following remit from the Auckland branch was carried unanimously at yesterday’s meeting of the New Zealand Farmers’ Union;—“That this meeting protests against the Government bringing down legislation to set up a Central Bank and that though the Central Reserve Bank Bill has been temporarily postponed by the Government, this conference considers extreme vigilance should be exercised and every constitutional moans adopted to prevent the subjugation of New Zealand’s monetary system by interests not directly under the control of, and answerable to, Parliament.” A further remit by Manawatu was carried, that, in the opinion of the conference, the time had arrived when the Government be asked to bring about a controlled internal monetary svstem.

Another remit on the same subject submitted from Nelson was that the Government should institute an inquiry, presided over by a Supreme Court judge, into the present monetary system, and all possible alternatives to. the end that the Government might take such action as might be necessary to cause the monetary system to fit the legitimate requirements of national organisations. An amendment that a select committee should make an inquiry was proposed later and carried. Several other remits, it Avas agreed, should be referred to a small committee to embody in a suitable remit, the committee to consist of Mr H. M. Rushwdrth, M.P., Mr Best and Mr Little. ,