BANKING POLICY

Nelson Evening Mail, Volume 78, 1 July 1943, Page 4

BANKING POLICY

CONCERN OVER RECENT STATEMENT MR DOIDGE ASKS FOR CLARIFICATION (From Our Parliamentary Reporter) Wellington. This Day. The Government was reminded by Mr F. W. Doidge (Nat.. Tauranga) in the House of Representatives yesterday, that concern had been expressed by a southern business man over a statement of the Minister of Transport. Air O’Brien, that sooner or later the State would take over the banks of the Dominion. "When was the statement made?” asked the Minister of Finance, Mr W. Nash. Mr Doidge replied that it had been made several times, and recently in a speech in the House. The Government should, he suggested, take an early opportunity of clarifying the position, as the statement must be having an adverse effect on the War Loan. If they wished to make it a success they should build up public confidence. Government members: You are trying to kill it. Mr Doidge: It will not be a success if the fears of the Invercargill man arc well grounded. The banking policy should not be dictated by the Government of the day nor should it be in the hands of financiers and those whose first concern is profits. Mr A. S. Richards (Govt, Roskill): Who should determine the banking policy? Air Doidge replied that it should be decided by a commission, untrammelled by politics. <Govt. Laughter). The Opposition would do its best to see that it was decided by men who were free, honest and untrammelled as were the judges of the Supreme Court.