LEFT WING WIN

New Zealand Herald, Volume 81, Issue 25048, 11 November 1944, Page 8

LEFT WING WIN

SOCIALISATION AIM OPPOSITION LEADER'S VIEWS (P.A.) CHRISTCSURCH, Friday "The left wing of the Labour Party, in securing a unanimous vote at the conference urging the Government to take over private shareholding in the Bank of New Zealand, has seemingly scored for itself a notable victory on the road to Labour's ultimate objective of socialisation of the means of production, distribution and exchange," said the Leader of the Opposition, Mr Holland, in an interview today. "While ardent supporters of - the Socialist Government will be momentarily elated, those who had confidence that under sound government the country will yet show its stability, its resilience to world-wide fluctuations and its adaptability economically to meet the exacting demands of the postwar new world order, have additional cause to feel grave concern for the future under Labour's administration." Mr Nash's Attitude The conference decision was not unexpected, said Mr Holland. Threats were publicly, made that political heads would roll off unless the lone-established principle that Labour should nationalise the Bank of New Zealand and the banking system were adhered to. The Hon. F. G. Young, M.L.C., aided by Mr H. J. Kellilier, a one-time appointee of the Labour Government on the directorate of the Bank of New Zealand, had said the men at the top must gp, meaning presumably the Prime Minister, Mr Fraser, and the Minister of Finance, Mr Nash, whose obeisance to sane finance had not been popular with sections of the Labour movement. "Although it appears that Mr Nash made a defence in committee for individual holdings in the Bank of New Zealand—a bank whose service to the country he has praised both at Labour conferences and in the House—lie apparently feared the left wing and to save his political head evidenced himself., against his better judgment, as n monetary experimenter," Mr Holland said. "At this week's conference political expediency refound an ' old exponent. The Inflation Danger Political control under Labour of the Reserve Bank had weakened the financial structure of the Dominion, which the bank's directors reported recently was threatened if there was any further increase of money in circulation through the medium of credit creation. Notwithstanding its long-held view that inflation reacted hardest on the workers, the Government had created credit to a potentially dangerous degree. Having experienced Labour's manipulation of the Reserve Bank, the people had cause to be fearful of the stability of the banking system once the Govern.ment took State control of a national institution, as was the Bank of New Zealand. Perpetually prodded along by irresponsible pressure groups, the Government would find it increasingly difficult to refrain from tinkering with a soundly-established banking system. "After nine years' practical experience the Government has said that the present system gave it all the control it required," Mr Holland concluded. "It is obvious that some widespread expansion of credit is contemplated as a consequence to the taking over of the bank. Experiences of other countries which embarked upon similar experiments are too fresh in the public's mind to require relating." FINE INSTEAD OF GAOL DECISION IN APPEAL CASE (0.C.) HAMILTON, Friday An appeal against a conviction for assault and the penalty of six weeks' imprisonment imposed at Rotorua by Mr S. L. Paterson, S.M., was made by Henry Bird. ■ a Maori, Murupara (Mr Roe), before Mr Justice Smith in Hamilton today. Mr Roe said that the accused and three Maori friends were stopped in Bird's car in Rotorua by Joseph Winstanley, engineer, of Rotorua, who accused them of colliding with his truck. They denied the charge and an argument and a fight took place. Winstanley suffered injuries and abrasions. Two of the men. Manu Ruhi Pene and Paurini Mutu, pleaded guilty to a charge of assault and were fined £2 10s each by Mr W. H. Freeman, S.M. A fortnight later Bird pleaded not guilty, but he was convicted and given a prison sentence. Mr Roe added that Bird denied having taken part in the assault. His Honor dismissed the appeal in so far as responsibility was concerned. On tho question of penalty, he said that he could not understand why one magistrate had imposed a small fine on two of the men, while another accused, who was a first offender, was given a sentence of imprisonment. His Honor said he would have imposed a sentence of imprisonment had the accused not been a first offender, but under the circumstances he would impose a fine of £5. OBITUARY MR WILLIAM BEECH Tho death has occurred of Mr William Beech, who had been.manager of the Northern Club since 1920. Jio was well known in the catering business, and for some years was the official caterer for the Auckland Racing Club. Mr Beech was born near Loudon, and in his early life served on ships, visiting New Zealand several times. In 1907 lie joined the staff of the Constitutional Club, London, and later became superintendent. During the last war he served overseas with the Imperial Forces. In 1920 he returned to Now Zealand and settled in Auckland. He is survived by his wife and two sons. MR BALFOUR DAWSON The death has occurred of Mr Balfour Dawson, of Auckland. Born at Masterton, Mr Dawson, who was 51. gained a commission in the last war, and served for 18 months overseas in the present war. He was a former chairman of the Coromandel County Council, at one time president of the Colville branch of the Farmers' Union, and first president of the Coromandel Returned Services Association. INSPECTOR FAREWELLED A farewell gathering in honour of Inspector D. J. O'Neill, who has been transferred to Hamilton as inspector in charge of that district, was held at the Central Police Station yesterday afternoon. Inspector O'Neill has been inspector in charge of the uniform branch at Auckland for the past three years. Superintendent. R. R, Ward presided at the gathering and representatives of tho detective and uniform branch and the women police paid tribute to the inspector's popularity, after which he was presented with a dinner set. Inspector O'Neill left for Hamilton last night.