FINANCIAL DEBATE

Poverty Bay Herald, Volume LIX, Issue 17920, 26 October 1932, Page 12

FINANCIAL DEBATE

RESUMPTION IN HOUSE CENTRAL BANE OPPOSED (Per Press Association.) WELLINGTON, this day. Resuming tho financial debate in the House of Representatives yesterday, Mr. W. li. Barnard (Lab., Napier) opposed the proposal to institute a central bank in New Zealand, declaring that it would place our monetary system in the hands of financial magnates of Britain. He contended that New Zealand could not look for help from abroad, and ho referred to a recent statement by Mr. Montagu Norman in which Mr. Norman had stated: “The difficulties are so vast, the forces are so unlimited and so novel, and precedents are so lacking, that. I approach the subject in ignorance and humility. It is too great for me.” Mr. Barnard submitted that it was no use looking to London or to New York for a solution of our difficulties. We would havo to solve tho problem ourselves.

Mr. A. .T. Stallworthy (Coal., Eden) urged the Government to restore compulsory reference of industrial disputes to the Arbitration Court. He considered that the danger of an industrial upheaval was so great that the Government could not afford to ignore it. Mr. C. 11. Chapman (Lab., Wellington N.) urged that nothing should be done to impair tho efficiency of the hospital system in New Zealand, which, he considered, was far ahead of the systems in Britain and Australia. He expressed the opinion that the adoption of the recommendations of tho National Expenditure Commission would reduce the efficiency of hospitals. Tho debate was adjourned, and the House rose at 11.30 p.m.