STATE BANK PLAN

New Zealand Herald, Volume 82, Issue 25203, 16 May 1945, Page 8

STATE BANK PLAN

PURCHASE OPPOSED BUSINESS MEN'S REASONS (P.A.) WELLINGTON, Tuesday A large meeting of Wellington businessmen in the concert chamber of the Town Hall today unanimously adopted a resolution protesting against the Government's proposal to nationalise the Bank of New Zealand. Grounds given in support of the protest were:— That the proposed action is inimical to the financial stability of the country and calculated to disrupt one of the strongest financial institutions set up by shareholders for the acceptance of deposits and making advances; that it is a grave interference with free enterprise, an arbitrary and highhanded method of controlling a sound institution, and unfair action against the shareholders, that it will indirectly and " adversely affect the operations of other trading banks; that it will enable the Government to create credit unsupported by adequate securities to initiate uneconomical industries and lead the Dominion along the dangerous path of State planning of production, distribution and exchange. It was also unanimously resolved: "That as the acquisition of the Bank of New Zealand by the Government aims at control of the country's economic system and is so far reaching in its incidence, it is clearly fundamental to all democratic principles that before any Government legislates for such a drastic change it should have a clear mandate from the people to do so. To act without such clear mandate is adopting the totalitarian methods against which we have been waging a worjd war. Convinced that the Government has no such clear specific mandate and that the majority of the people are opposed to the acquisition of the bank by the State, this meeting calls on the Government to secure an unequivocal direction from the people before passing any legislation as proposed." **

LEYS INSTITUTE FORTY YEARS' SERVICE A survey of 40 years' service to the public is given in the report of the committee of management to be presented at the annual meeting of the Leys Institute. Founded in 1905 by a bequest from the late Dr T. W. Leys, the institute has expanded steadily to its present highly satisfactory position. The library, opened with a stock of 5418 books, has now a total of 45,162 and the number of subscribers has increased to 2084. The position in regard to the supply of books is only satisfactory. The inability to procure replacement copies has meant that a number.of the books due for replacement have had to be retained on the library shelves and a large amount of the staff's time has been occupied in repairing books. Recently, however, over 2000 new volumes have been added to the library. Increases in subscribers hare again occurred over the past year in both the adult and juvenile departments, the number of new subscribers this year amounting to, 174. During the year 129,587 buoks were issued, an increase of 9861 on the number for' the year 1943-44. Greater use also has been made of the reference department. The gymnasium has been active during the year and training for the winter months has been commenced with a good attendance.