BANKING BUSINESS
NATIONALISATION SCHEME GRAVE EVILS FORESEEN LONDON, Jan. 24 At a meeting of shareholders in the Midland Bank, the chairman, Mr. Reginald McKenna, referred to the proposal to nationalise banks. He said there was no compensating benefit to set against the grave evils which must arise if all banking power were concentrated in one hand. A monopoly would still be a monopoly even though it were under direct State management and control. Replying to the allegation that banks were making excessive profits, Mr. McKenna said he doubted if the dividends paid amounted to as much as 5 per cent on the accumulated funds belonging to shareholders.
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New Zealand Herald, Volume LXXII, Issue 22018, 26 January 1935, Page 11
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107BANKING BUSINESS New Zealand Herald, Volume LXXII, Issue 22018, 26 January 1935, Page 11
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