Holland On Bank's Future

Northern Advocate, 7 November 1946, Page 2

Holland On Bank's Future

(FA..) DUNEDIN, This Day. The National Parly’s plans in connection with the Bank of New Zealand, if it is returned to power, were elaborated by the leader of the National Party (Mr Holland) here last night. Mr Holland said he had been asked why his party wanted to give the bank bacK to private control. "That is not our policy,” he said. “The purpose of reverting to a measure of private shareholding is consistent with our whole policy ol private ownership of the means of disirioution and exenange. "We want to see tne greatest possible number of people having a stake in the country and owning something. “This is by far the best way of

meeting the menace of Communism, winch J believe is the great tnreat to tile peai of me world today. “Tnere is nothing to be gained by calling it names; the only way to combat it is to make our own system so widely available to all the people that this country would not be lertile son fer the seeds of Communism.” NO SQUEEZING OUT

Mr Holland said the National Party wanted to have the greatest possible number of people as shareholders in ■ the country’s financial system. To that end it intended placing a ■ low limit on the number of shares in ; the Bank of New Zealand that could be held by any one person., 'Thus everyone would be given the ; opportunity of becoming a sharehold er. Large investors would not be able to squeeze out the small investors. "Moreover, we will make provision for allowing those wishing to take up shares to pay for them over a reason-, able period if they are unable to meet the full cost at once,” he said. Every care would be taken to en.sure that shares were spread over the greatest possible number of people. It was also proposed to reserve a sufficient number of shares for purchase by those employed by the bank so that the bank would become a cooperative enterprise in the truest sense of the word. “In line with our profit-sharing policy,” he said, "shares will be reserved for issue under a share bonus scheme and, as a further means ol giving the staff of the bank the closest possible contact with the banks’ directorate, sympathetic consideration will be given to the question of giving the staff direct representation on the board of directors. UNIQUE OPPORTUNITY "The present situation provides us with a unique opportunity of putting into practice the National Party’s policy of co-partnership between employer and worker, profit sharing and worker cooperation in the direction of industry and trade. , "Four of the six members of the beard of directors will still be appointed by the Government, so that the Government will retain all control and influence in the direction ol the bank’s policy that is desirable in the public interest.” Mr Holland was given an enthusiastic reception by an audience of 3000 people.