Abandon Bank Nationalisation
CANBERRA. Sat.. (11.30 a.m.).— A Government spokesman said yesterday that the statement by Dr Evatt that the Government would abandon any attempt to achieve bank nationalisation by legislation had been approved by the Prime Minister (Mr Chifley).
He added that before Dr Evatt made the statement he showed it to Mr Chifley, who authorised its release. Confirming later, that he had approved Dr Evatt’s statement, Mr Chifley said: “The Privy Council judgment is that, constitutionally, I cannot nationalise banking. “In view of that fact, if it can’t be done it can’t be done.
“We have already made it perfectly clear that we work within the Constitution. But competition by the Commonwealth Bank will be conducted with great virility.” The Sydney Sun’s Canberra correspondent says: “If Labour is returned the Commonwealth Bank is expected to get orders to enter every field of banking on a scale with which the private banks will find difficulty in competing. The bank has already extended its activities to cover financing formerly regarded as solely within the province of the trading banks.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/NA19491029.2.42
Bibliographic details
Northern Advocate, 29 October 1949, Page 5
Word Count
179Abandon Bank Nationalisation Northern Advocate, 29 October 1949, Page 5
Using This Item
NZME is the copyright owner for the Northern Advocate. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons New Zealand BY-NC-SA licence . This newspaper is not available for commercial use without the consent of NZME. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in