CURRENCY BILL

Southland Times, Issue 20488, 16 May 1928, Page 5

CURRENCY BILL

COMMONS DEBATE

CONTROL OF BANK OF ENGLAND LABOUR AMENDMENT DEFEATED (United Press Assn—By Telegraph—Copyright.) (Rec. 5.5 p.m.) London, May 14. During the Currency Bill discussion Mr Phillip Snowden moved an amendment to withhold assent to the Bill “in the absence of any policy putting into operation the resolutions of the Geneva International Conference of 1922, and until an investigation has been made into the constitution, powers and policy of the Bank of England in the light of modern development in finance and industry.” He said that Labour in nowise wanted to make this a party question or censure the Bank of England, but the time had come to review the latter’s archaic constitution. The Bank of England should be a public corporation composed of the best men in finance and industry with representatives of co-operative Labour movements. The Bill restricted the currency total too rigidly. Mr Hilton Young supported the amendment and demanded an inquiry though not as a preliminary to the passage of the Bill. Mr E. C. Grenfell said that in view of the tone of the amendment he hoped the Bill would pass. There was no reason to hold up the Bill for an inquiry. Mr Petherick Lawrence said the Bill was a disastrous return to out-of-date conditions at variance with the best international views of currency. Sir L. Worthington-Evans said the Geneva resolutions showed the way to the restitution of sound financial and economic conditions. Most of them had been carried out in Britain, and there was no necessity for further inquiry. Mr Snowden’s amendment was defeated by 229 votes to 101, and the Bill read a second time.—Australian Press Association —United Service.