STATE AND BANK OF N.Z.
PROPOSALS IN NEW BILL Press Association PARLIAMENT BLDGS., Friday. Moving the second reading of the Bank of New Zealand Amendment Bill in the House of Representatives this afternoon, Mr. F. Langstone (Labour — Waimarino) said it was proposed that the Government’s four representatives on the board of the bank should be completely untrammelled by any business interests. It was unfortunate that it had not been originally stipulated that these representatives should not be shareholders in any other bank. The greatest problem in New Zealand today was money. If finance could be provided, plenty of work could also be provided. It was also proposed that full voting powers should be restored to these directors.
The Bill further provided that the Government’s participation in the profits should be restored from oneseventh to one-third. This would increase the return to the Government by £58,500 annually, and would represent 5i per cent, interest on £1.000,000. It would constitute no injustice to anybody. Mr. M. J. Savage (Labour —Auckland West) emphasised the importance of the Government’s representatives not being interested in any other financial company. It was essential that advances from the bank should not be liable to influences from another institution.
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https://paperspast.natlib.govt.nz/newspapers/SUNAK19300726.2.9
Bibliographic details
Sun (Auckland), Volume IV, Issue 1034, 26 July 1930, Page 1
Word Count
201
STATE AND BANK OF N.Z.
Sun (Auckland), Volume IV, Issue 1034, 26 July 1930, Page 1
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