A STATE BANK

New Zealand Herald, Volume 81, Issue 25052, 16 November 1944, Page 7

A STATE BANK

HEWS OF MR NASH

„ N0 SUBSTITUTE FOR WORK" lieffs expressed by the Minister of tp; since, Mr Nash, on the proposal of T'Labour conference that the Governt should consider the promotion of '"Sate trading bank by the immediate ' nation of the shares in the Bunk f New Zealand now held by private "Lods, are e iven in a report of th «* I nceedings published in the Standard. While supporting the proposals, he J no t think they would bring all the Vantages 'that some people thought, ii Jlr Nash. Ho believed that it was • the best interests of the country *h t suC ]i a proposal should receive unanimous support, if that were pos,"slß' Heed lor Production "What does require emphasis, in and . Labour movement, is an that it is production that ai r JSash continued. That wa s not P r °d uce d could not be distributed, however much money was „.j B available. The acquisition of a tank was no substitute lor productive A State trading bank could bo used * instrument of Government policy 15 £ to the extent that its admimstraS was just and efficient and that X price charged for its services was (!ir it could carry out the services for government which the Bank of New 'Zealand now provided, could assist thfough its branches the disbursement j o ,f n facilities granted to returned icemen and others, and could proide loans to assist farmers, traders nd others. It could not provide costf g cr edit,' or what was often termed debt-free money. Power ol Conference

"If the Government, after full con■idpration of the recommendation, derides to acquire the shares, and 1 believe it will so decide, then it will take aver? possible advantage and obtain L e ry known benefit from the bank for the country and the people," Mr Nash 1 added. So long as it was not thought that there was magic in the ownership „f a bank, or that miracles could be wrfonned by simple ownership, then jw were on the right track. Pointing out that the conference had no power to order the Government to do anything, Mr Nash said it did have MT er to make the policy of the party, which was afterward submitted to the electors, who decided whether that policy should become the law of the country. If the electors did decide that that should be done, it was then for the Parliamentary party in power and the Government to decide how to give (feet to the policy. If the setting up df a State trading bank was necessary to give the full control of credit and currency, then that was in accord with the policy of the party as submitted to the electors at all elections.

RURAL BUILDINGS ACTIVITY IN WAIKATO (0X3.) HAMILTON. Wednesday The increase in the number of permits issued itor buildings in the restricted areas of the county during the seven months of the current financial year was commented upon by the engineer of the Waikato County Council, Mr A. A. Woodward, at a meeting of the council yesterday. Mr Woodward tiid that 32 permits to the value of £25,635 had been issued this year, as "compared with 18 permits to the value of £16,294 during last year. He added that additional permits to the value of £SOOO were being considered. The engineer stated that, in addition, a good deal of construction work was being done, for which no permit, other than the permission of the Building Controller, was necessary.

REAL ESTATE activities of institute "Summarising the opinions expressed By branches, it would appear that, although the delay in getting sales completed is irksome and the work very much greater, the Act has not adversely affected business to the extent that was expected," states the annual report of the Real Estate Institute of New Zealand. "Prices are stabilising as a result o! the Act, and that is no doubt to the good, as otherwise, with the dearth of building, prices would be soaring to Unreasonable heights. Some branches We made valuable suggestions for improving the Act. These will be summarised, and it is hoped to be able to oring them before Parliament." The report refers to steps taken to secure the co-operation of members with the Rehabilitation Department in the •ettlement of ex-servicemen. It states that the membership of the institute has decreased from 601 in 1941-42 to "6 in 1943-44, and that it was lately agreed that suitable applicants should Je admitted without examination for the period of the war. In consequence J' this a number of applications have been received and others are expected.

RECEIVING CHARGE The retrial of Robert .James Nasmith, "tt-er. aged 26 (Mr Dickson), on two charges, of theft of motor-car wheels, 'TOs and tubes, or alternatively receives them knowing them to have been JfOlen, resulted yesterday in his conyicthe charge of receiving. -VI r V! ea ' prosecuted. Mr Justice Fair directed the jury to acquit on the major Charge of theft. He remanded the Prisoner for sentence.

Youth sent to borstal of stealing a saddle valued &)k ii' t wo su it s of xlothes valued at ar| d a watch worth £6, were by John Arnott William T?r R hepherd, aged 17, before Mr Morhng, S.M., vMterdav. Detective,*nt Api in said accused had been ,- icted , theft in April last, when Je admitted to probation for one to u' 1 • magistrate ordered accused fft. * e ' aine d in a Borstal institution wr two years.