CURRENCY REFORM

Poverty Bay Herald, Volume LXI, Issue 18313, 3 February 1934, Page 13

CURRENCY REFORM

NEW ZEALAND INQUIRY PERSONNEL OF COMMITTEE (Special to the Herald.) WELLINGTON, this day. The personnel has been announced ol the committee to take evidence regarding currency systems, and to report whether modifications are desirable hi the Dominion. It will comprise 10 mem hers of Parliament, who will be rCpre seutative of all parties, and will be assisted by an expert secretariat. The investigation results from requests in petitions to the House that the whole problem should be overhauled, but the Government in the recent session somewhat anticipated the position in its Reserve Bank legislation, which will have the olfect of placing the general hanking policy affecting the economic weliare of the Dominion under the direction of a central organisation, which, except for a limited return on £500.000 oi private capital, will not be concerned over the maintenance of dividends. The committee will have the powers of a Select Committee, and will consist of the following: Messrs. J. A. Nash, chairman, 0. H. Clinkard, 11. Holland, J l '. Lye, J. N. Massey, J. W. Munro, A. J. Murdoch, IT. M. Rusliworth, I’'. W. Kehram, and the Hon. W. Downic Stewart. The order of reference will enable evidence to be taken in connection with any monetary system or standard that has been put forth from time to time, and will be sufficiently wide to ensure of a, complete investigation being made into such items or standards, their practicability, and the probability of their adoption, the promotion and development of industry, and the welfare of the people of New Zealand. Advocates of such schemes will have a full opportunity of placing their views and particulars of their respective systems before the committee, whoso proceedings will be public. The secretariat of experts will be announced shortly. SELECTION OF MEMBERS LABOR LEADER’S ATTACK (Per Press Association.) AUCKLAND, this day. Commenting on the monetary inquiry committee, the Leader of the Opposition, Mr. M. J. Savage, said the personnel had been decided by the Government irrespective of whether those selected had given special consideration to the subject or not. I “Surely the time lias come,” he said, “when the representatives of the parties should bo selected for what they know about the question. There was nothing new in what the Government is doing. It invariably does wluit it likes, which It is entitled to do, but it should not treat lightly the intelligence of other members of the House. Ido not think that there is any section of the community that will be satisfied that it is getting a fair run under the present conditions. The Government should have communicated with the various parties in Parliament, and asked them to make their own selection.”