BANK OF N.Z.

Nelson Evening Mail, Volume 80, 13 April 1945, Page 3

BANK OF N.Z.

IMPORTANCE OF STATE OWNERSHIP “INTEGRAL PART OF LABOUR POLICY" Christchurch, April 12. “Some people, even some members of : the Labour Party, say that taking over the Bank of New Zealand is not important; but I say it is tremendously ! important,” said Mr R. M. Macfarlane. i M.P., in an address at Addington last - evening. He differed from monetary reformers who believed that control of the i financial system with the retention of a ' capitalist system would solve all their : problems, said Mr Macfarlane, but control of the financial system was an integral part of the Labour Party’s policy of the socialisation of the means of production, distribution, and ex- 1 i change. In his estimation, the acquisi-ii tion of the privately-held shares in the I bank would be an important step in ! their progress towards their objective. Mr Macfarlane said it could be judged i whether Labour’s opponents thought 1 the decision to buy the shares import- ‘ ant by what appeared in the daily news- ’ papers and by the opinions of Cham- : bers of Commerce and other people of ‘ that ilk. It could be judged by the op- ' position to the bill in Parliament; and 1 he was convinced there would be a big : fight. i ( Answering a questioner who said the \ i price of shares had risen since the Gov- I ernment’s announcement and suggested j there might be an attempt to get a higher price from the Government, Mr j Macfarlane said anyone who knew the ‘ Minister of Finance (Mr W. Nash) | knew that shareholders would get the ; value of the shares and not any "fancy prices.”