HOUSE PASSES BANK BILL

Southland Times, Issue 25836, 22 November 1945, Page 3

HOUSE PASSES BANK BILL

FINAL AMENDMENT DEFEATED I (P.A.) WELLINGTON, November 21. The Bank of New Zealand Bill was passed on the voices in the House of Representatives at 12.33 a.m. today after being read a third time by 38 to 31 votes. The only Opposition amendment _in the closing committed stages after midnight was one moved by Mr . R. M. Algie (Nat., Remuera) seeking to amend the provision that the board of directors should give effect “to any decision of the Government” to read “to any decision of Parliament.” The amendment was defeated by 37 to 31 votes, and the Bill was put through the remaining stages without further discussion.

“APPEASEMENT AND APATHY”

Stock Exchange Chairman’s Comment (P.A.) CHRISTCHURCH, Nov. 21. “Appeasement and apathy have led to disaster before,” declared the chairman of the Christchurch Stock Exchange, Mr F. E. Graham, .at the annual meeting today, when speaking of the nationalization of the Bank of New Zealand. “This vitally concerns the Stock Exchange members and their clients, as it may be and probably is the first step towards the taking over of other companies on the share list, thus affecting not only our livelihood but our clients’ income.” Mr Graham contended there was no reason why the New Zealand shareholders should be placed in a different position from shareholders overseas, whose shareholdings were to be negotiated for. “Many thousands of people in New Zealand who by hard work and thrift have built up a competence and prudently invested it in shares in sound companies of their own choosing must visualize having to hand over their shares to the State at a price fixed by the State and not necessarily the true value, and to accept willy nilly cash difficult to reinvest or Government stock,” Mr Graham concluded.