CENTRAL BANK OPPOSED

Stratford Evening Post, Volume II, Issue 88, 7 November 1932, Page 4

CENTRAL BANK OPPOSED

FARMERS' UNION PROTEST

"INIMICAL TO BEST INTERESTS OF PRIMARY PRODUCERS" "The central bank, as it is proposed to be given power over all other banks, would be very much against the interests of the farmers and many leading financiers are opposed to it in its principles," said the secretary (Mr H, A. Hunt) at the Stratford executive meeting of the Farmers' Union held on Saturday, when he suggested that the union oppose the establishment of a central bank. Some members thought that the proposal would be passed in any case as it was a Government measure and others felt that the matter required careful investigation before any re, solution was passed by the executive.

Mr T, T. Murray said that it would not make anv difference except that the operations ''would b« in the on«»n instead of behind the scenes.'' "We lay the goldeneaqs and they cannot kill us," j concluded the speaker. Mr F'int said that the bank would be another parasite. "How do vou know it would be inimical?" asked the chairman. Mr Hunt said it would hinder free exchange. "It would place more nower in the hands of the banks and thev have enough already,'' said Mr M. P. Ford, and executives of the union in all parts of the Dominion are moving against tbe proposal." Mr R. Corry said that he thought the subtact was too important to be dealt with in any hurry. He said the issues it involved were beyond the comprehension of the average mam "We hav e crashed, and now the his fJnone.jerc fire tt*v'mr to save their own hides.' said Mr Avlward. The chairman said that as the matter ceiled for concerted action, he did not like to see any division of opinion. It was resolved that the exei. cutive make a strong protest against the establishment of a central hank on lines suqaested by Sir Otto Nlemeyer. believing that such a bank would be inimical to the best interests of people of New Zealand as a whole, and to primary producers in particular.