CANADA’S NEEDS

Southland Times, Issue 22159, 30 October 1933, Page 8

CANADA’S NEEDS

A CENTRAL BANK HON. DOWNIE STEWART’S •' RETURN INTERESTING CONFERENCES (Per United Press Association.) Auckland, October 29. On his way back from two unofficial conferences in Canada the Hon. W. Downie Stewart arrived from Vancouver by the Aorangi, accompanied by his sister, Miss Downie Stewart, and Mr Walter Nash, M.P., and Mr H. F. von Haast, fellow delegates to the conference of the Institute of Pacific Relations at Banff, Alberta. Mr Stewart said that the Banff conference and. that of the Royal Institute of International Affairs held at Toronto wore extremely interesting, but he would not comment on the discussions. “Canadian problems are strikingly like those of New Zealand only on a larger scale,” Mr Stewart said. Referring to the proposed central bank in- Canada he said that all the western provinces were strongly in favour of a central bank but there was a marked difference of opinion in some of the eastern Provinces. It was generally believed that Mr McMillan, the commissioner, would recommend the establishment of some form of central bank, although most of the commercial banks were using every argument against the necessity for such a bank in Canada. “The general financial position of Canada,” he said, “reflects the present depression and the last three years have shown large and growing budgetary deficits in spite of an enormous increase in the income tax, sales tax and other sources of revenue. However, recent speeches by Cabinet Ministers are couched in hopeful terms and Mr R. B. Bennett and others have expressed the opinion that the worst of the depression is over. Strong pressure is being brought to bear on the Government by the Labour Party to introduce the N.R.A. system into Canada and the demand was growing steadily more insistent when I left. Mr Bennett, however, emphatically stated that the system would not work successfully in Canada.” Mr Stewart leaves for Wellington to-morrow night.