CONTROL OF BANK

New Zealand Herald, Volume 81, Issue 25049, 13 November 1944, Page 6

CONTROL OF BANK

MR HOLLAND'S EEMAEKS DENIAL OF STATEMENTS A denial of statements made by the Leader of the Opposition, Mr Holland, in connection with the suggested control of the Bank of New Zealand by the Stlate was made by the Hon. F. G. Young, M.L.C., yesterday. Mr Young said he wished emphatically to refute the statements made about Mr H. J. Kelliher and himself. In an interview in Christchurch on Friday Mr Holland' said that threats had been publicly made that political heads would roll off unless the 'onSestablished principle that Labour should nationalise the Bank of New Zealand and the banking system were adhered to. He said that Mr Young and Mr Kelliher, a one-time nominee of the Labour Government on the directorate of the Bank of New Zealand, had said that the men at the top must go, meaning, presumably, Mr Fraser and Mr Nash. _„ ' . "I publicly challenge Mr Holland to produce evidence to show that any wellknown member of the Labour par.y was responsible for the statement political heads would roll off if the Bank of New Zealand was not taken over, or that Mr Kelliher or 1 have ever said that the men on top must go, said Mr Young. , He said that Mr Kelliher wrote and published an article on banking, in which he quoted a number of authorities, including Mr Winston Churchill, in condemnation of theexisting banking system. The article said nothing about taking over the Bank of« New Zealand, or of heads rolling off. or of the men on top having to go. The only suggestion of political action was contained in the following extract: Find out if your representative in Parliament is prepared to sponsor your demand for an honest and stable money system, and. if so, give him your fullest support and co-operation." Mr Young said he tained permission to reprint the article for distribution among Labour L arty branches and affiliations. "That was the full extent to which Mr Kelliher aided me," said Mr Young. "I forwarded Mr Kelhher's pamphlet to the branches and affiliations, and with it I enclosed a pamphlet of my own composition, setting out my reasons for the action taken. My pamphlet did not infer nor imply that heads would roll off, or that the men on top must go, and neither did I advocate the taking over of the Bank or New Zealand." r AUSTRALIAN INTEREST THE ATTITUDE OF LABOUR EFFECT OF DOMINION MOVE (Special Australian Correspondent) (Reed. 5.35 p.m.) SYDNEY. Nov. 12 The decision of the- New Zealand Labour conference to press for nationalisation of banking mav have an important effect on Labour thought in Australia. Banking reforms are under consideration by the l'ederal Government. , , . , The Sunday Telegraph's political correspondent says the present plans provide for the Commonwealth Bank to enter into more direct competition with private banks, and that the Cabinet hopes Labour's rank and file will not insist on more radical changes. "However, Australian Labour is susceptible to New Zealand policy, as was evident in the Curtin Government's sickness and unemployment, relief scheme," the'writer adds. "Similar legislation in New Zealand was closely studied first", and was followed in broad principle when the Curtin Government's bill was introduced. New Zealand Labour's health and social service schemes are also being closely studied by Australian Labour men. "Even if New Zealand Labour's drastic banking recommendation is not followed by the Australian Government,, it is certain to reinforce the argumeirts of that section of the Labour movement which demands the nationalisation of banking. This is a basic Labour policy, but so far is a hurdle that the Federal Government has avoided."

Banking may be one of the subjects discussed at the Australian Labour Party caucus to be held in Canberra tomorrow. A demand is also likely to be made for increased pension payments and for_ immediate Government action on housing. In the absence of Mr Curtin, the Parliamentary session to begin on Wednesday is not likely to include the promised secret sitting to discuss the war.

DEATH OF ENGINEER MR N. PATON'S CAREER The death occurred yesterday of Mr Noel Paton, of Epsom, who has for a number of years past been managing director of the Gane Engineering Co., Ltd., Mr Paton was born in Leeds of Scottish parentage 68 years ago, and became the founder of the engineering firm of X. Patoti, Ltd., Leeds. During the last war _he specialised in the manufacture of jigs, gauges and tools for munitions ana in gear for submarines and airships. He gained a varied experience in many branches of engineering, including clock making and designing. About 25 years ago Mr Paton came to New Zealand, and made Auckland his home. Among the well-known clocks for the design of which he was responsible are the Hamilton Cathedral clock and the Auckland University tower cjock. He was recognised as an exceptionally clever engineer and a man of marked business ability. He is survived by his wife, a son and two daughters, OBITUARY MR AUGUSTUS HEINE Son of a Lutheran missionary who arrived in New Zealand in 1843, Mr Augustus Heine lias died at Nelson, aged 85. Mr Heine was a master at Wellington 'College for nearly 40 years before his retirement in 1921, and was remembered with affection by two generations of old boys. He taught for a short time at Nelson College before joining the staff of Wellington College, where he specialised in languages and history. Mr Heine is survived by his second wife, two sons and three daughters. SYDNEY FLYING-BOATS The following passengers arrived from Sydney by a Tasman Empire Airways flying-boat on Saturdav: —Messrs E. W. Sharp, A. P. Macftregor, T. A. White, E. N. Webb, K. M. Bolton, L. Tessier, C. T. Midlane, A. G. Rayward, C. G. White, H. H. Gostynski, Mesdames J. MacGregor, R. Tessier, T. A. Martin, M. M. Matthews, E. Hamilton, A. Palethorpe, M. S. Barclay, J. Powell, Miss M. Matthews. The following passengers left for Sydney by a Tasman Empire Airways flying-boat yesterday:—Messrs. E. An'nandale, R. M. Brasted, W. E. Donovan, C. R. Edmond, W. M. King, E. H. Levido, F. J. Madigan, N. G. Morris, A. B. Proud, W. O. Spencer, Mesdames G. V. Daroux, M. B. Fagg, A. K. Hutchinson, B. W. Jackson, L. A. Nunn, E. Spencer. Misses F. A. S. Scott, J. P. Shone.

ARCHDEACON'S FUNERAL (P.A.) ■ "WELLINGTON, Sunday - Evidence _of the esteem and affection in which the late Venerable W. Bullock, archdeacon of Wellington and vicar of St. Peter's parish, was held was given at the funeral which took place from St. Peter's Church yesterday afternoon. There was a very large attendance at the church, those present including the Primate, Archbishop West-Watson, representing the Church of the Province of New Zealand. The Bishop of Wellington, the Right Rev. H. St. Barbe Holland, was unable to be present owing to indisposition. The service at the crematorium, Karon, was taken, by Archdeacon F. H. Petrie, of Feilding.