ONLY ONE BANK

Nelson Evening Mail, Volume 80, 14 June 1945, Page 3

ONLY ONE BANK

HOW STATE BANKING WOULD FUNCTION “Everybody trading on overdrafts would have to come to our State Bank. It places the responsibility where it should be for a sound monetary policy. If done only through one bank we do not want a Reserve Bank any further. Also all the imports funnelled through the same channel would simplify the whole thing. We, the State, have to become the cartel on behalf of the people of New Zealand.” . There you have a small section of the State Planners’ blueprint for the future, as described by Mr F. Langstone M.P. It pictures State monopoly in banking—a forerunner of State control of everything. Compare that with the banking facilities existing at present. Any man can to-day, regardless of his social status or political leanings, apply for and receive credit accommodation. If one bank doesn’t meet ms wishes he can go to another. Only banking and business principles will be applied to his request. With a State Bank monopoly “everybody” would have to go to it for credit accommodation. State control unavoidably means political control, and everybody can guess what that would indicate. A man would be open to be judged partly by his political colour; the “higher powers” would be subject to “influence.” as Ministers and departments are subject to “influence” in connection with so many State activities. Credit accommodation would be for “selected” applicants only. Everybody who Values free enterprise and personal freedom should be warned by the Government’s plan to Socialise the Bank of New Zealand. It is another step .toward dictatorship of everything and everybody by the Statq Planners. Regimentation of banking will be followed by regimentation of all the activities and all tlie thinking of the people. You can do something about it—write or wire your protest to your Member. (Inserted by "the Associated Chambers of Commerce of New Zealand.)*