THE GOVERNMENT AND THE BANK
Sir, —While awaiting Mr Nash’s reply to Mr Stronach Paterson, let us examine the effect on the bank’s customers’ accounts in the light of Mr Nash's statement last year that " the resistance of the trading banks to the importunities of borrowers who want to commit themselves beyond their resources, is a valuable bulwark to any Government.” Mr Nash has apparently now decided that his additional control over private enterprise, is worth the risk to our financial stability resulting from over-borrow-ing by politically favoured customers.
The local bank manager’s first query to the prospective borrower will now change from “ What securities have you to offer to cover this advance? ” to “ What are your politics and what political ' pull ’ have you?” The life blood of sound private enterprise is “ credit,” and how will a Nationalist fare in maintaining .or expanding his overdraft limit with the B.N.Z.?— I am. etc., It. Finch. Oamaru. April 6.
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Otago Daily Times, Issue 25814, 9 April 1945, Page 6
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157THE GOVERNMENT AND THE BANK Otago Daily Times, Issue 25814, 9 April 1945, Page 6
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