INFLUENCE APPARENT

Poverty Bay Herald, Volume LX, Issue 18236, 3 November 1933, Page 7

INFLUENCE APPARENT

COALITION STUDY CIRCLE BANKING BILL CLAUSES MINISTER’S COMPROMISE (Parliamentary Reporter.) WELLINGTON, this day. A group which has been facetiously called the “study circle” within the Coalition has made itself effectively felt over the Banking Bill, its influence, as shown in the debate, having extended beyond the scope of the original half-dozen who form its nucleus. They comprise Messrs. F. Lye, J. Harbest, W. J. Broadfoot, A. E. Ansell, A. E. J nil, and M. J. Holyoake, and they had support on the banking measure of at least four others. It is an open secret that this group has been responsible, not only for a modification of the directorate along the lines of greater State influence, hut for a definite limitation of shareholding and its restriction to British subjects. It was in deference to the desire of this section to invest the reserve .bank of New Zealand with a greater measure of State control that the Minister of Finance made an important concession over the appointment of the governor and his deputy. As finally approved by the House, the provision now is that on the expiration of the term of the first officials, the appointments will he made by the Government on the recommendation of the board of directors, instead of by election by shareholders. An undertaking was given by the Minister to ensure that in the event of disagreement, the final authority will rest with the Government. The result in political circles is regarded as a triumph for the 'body of members known as the “study circle,” since, unquestionably, the Government would have risked defeat had the Minister not announced his compromise.