Langstone Speaks On Banking, Currency

Northern Advocate, 6 March 1943, Page 2

Langstone Speaks On Banking, Currency

WELLINGTON, This Day

Control of banking and currency was the theme of a speech by Mr F. Langstone (Govt., Waimarino), continuing the Address-in-Reply Debate in the House of Representatives last night. At the conclusion of his speech, which was his first since his return from Ottawa, and his resignation from the Ministry, Mr Langstone was applauded by a number of Government members.

Mr Langstone said that many things which the Government had done successfully could have been done much more easily if the right method had been adopted. By that he was referring to the taking over of the banking institutions and the use_of national credit in the way it should have been used. Mr Langstone declared that woolgrowers were entitled to their extra £2,000,000. It was humbug to take 15 per cent from them. (Opposition “hear, hears.”) The people cf New Zealand were not going to stand for private exploitation through private banking institutions. Price control was being dealt with only in a tiddlywinking way. The people had been asking why there had been dodging on the all-important financial question of keeping prices down so that the cost of living could be maintained at a reasonable level. He believed that was possible with subsidies.