FINANCIAL PROBLEMS

Poverty Bay Herald, Volume LIX, Issue 17949, 29 November 1932, Page 5

FINANCIAL PROBLEMS

CABINET DISCUSSIONS CONFERENCE WITH BANKERS CENTRAL BANK PROPOSAL (Parliamentary Reporter.) WELLINGTON, this day. The gravity of the financial position of the Dominion, and especially that of primary producers, was illustrated yesterday afternoon when the executive of the Associated Banks was closeted with the Cabinet for three hours. Such was the importance of the occasion that the whole of the trading banks in the Dominion were represented at the conference. The delegation comprised Mr. J. T. Grose, National Bank of New Zealand and-chairman of the Associated Banks; Mr. W. A. Kiely, inspector ot the Union Bank of Australia ; Sir Henry Buckleton, general manager of the Bank of New Zealand, Mr. R- C. Addison, chief inspector of the Bank of New South Wales; Mr. H. I. Ihodey, inspector of the Bank of Australasia; and Mr. E. P. Yaldwvn, manager of the Commercial Bank. “We were discussing the central reserve bank legislation and the general financial position of the country, ’ said the Rt. Hon. G. W. Forbes after the conference. Answering questions, he reiterated Iris statement that no decision would be announced until the Rt. lion. J. G. Coates and the Hon. li. A. Ransom returned from Motueka, adding that the matter was of such moment as to demand' the approval of a plenary Cabinet meeting. Hast evening, the Cabinet bad a respite from its main considerations and dealt with forthcoming legislation. “There is nothing to announce, said the Prime Minister, when seen at 11 p.m. . . At the instance of the Prime Minister, the Coalition caucus has been called for Thursday when the draft of the- Centiai Reserve Bank Bill wall he explained io members. Mr. Forbes stated last night- that an undertaking had been given some tune ago that members would have an opportunity of giving caucus consideration to the proposed measure before it was submitted to the House. ■ Asked whether the Cabinet had arranged to receive further representations from the rural section of the Coalition, Mr. Forbes said no such request had yet reached him, probably because members were absent from Wellington for the week-end. If a request for a further meeting of the Cabinet was made naturally it would be acceded to in the same way as would a similar request from city Coalitionists.