MONETARY SYSTEM

Otago Daily Times, Issue 23435, 25 February 1938, Page 8

MONETARY SYSTEM

CONTROL BY LABOUR MR A. G. OSBORNE’S VIEWS An admission that he would not be satisfied until the Government had complete control of the monetary system in New Zealand, and that he also desired the trading banks to be taken over, was made by Mr A. G. Osborne, M.P. for Manukau, when speaking at Dargaville on the monetary legislation of the present Government. Mr Osborne explained that prior to the last election Labour had promised that if returned to power it would assume control of the Reserve Bank, having been bitterly opposed to the vesting of control of the country’s capital in a private concern. The view had been adopted that credit should belong to the people themselves, and when that principle had been put into practice the Reserve Bank had contributed wonderfully for housing construction, public works and other asset building projects. -

“ The dairy industry alone has received unheard of benefit, and farmers have been saved tens of thousands of pounds on interest charges alone,” said Mr Osborne. “ Economists all over the world are saying that there can be no danger as far as the Labour Party’s monetary policy is concerned,” continued Mr Osborne, commenting on criticisms that had been levelled on grounds of possible inflation. “Wo wish to complete it by giving to business people the same advantages that have already been received by the farmer.”