SEDDON LIBERAL PARTY

Taranaki Daily News, 1 February 1933, Page 5

SEDDON LIBERAL PARTY

CENTRAL BANK OPPOSED.

CURRENCY MONOPOLY FEARED.

Opposition to the passing of the Central Reserve Bank Bill is expressed in a pamphlet issued by the newly-formed Seddon Liberal Party, the executive of which recently carried & resolution condemning the measure as the most dangerous piece of legislation ever promulgated in New Zealand, and urging members of Parliament to oppose the passing of the Bill to the last ditch. Fear of the creation of a currency monopoly following on the establishment of a Central Bank, of a return to the gold standard, and of the ulti- 1 mate control of the bank 1 by German- ; Jew financiers, are reasons given for the attitude of the Party, which states its beliefs on the question as follows: — (1) The control of our national currency being at the present time in the ; hands of private corporations, Le., the ! six trading banks of New Zealand, the inauguration of a Central Reserve Bank would only mean centralising the con- . trol of our money in one bank, thereby creating a'monopoly in the currency of this Dominion. (2) Whereas monopolies are very' dangerous, even in industrial and commercial life, you can quite clearly see how much more dangerous they would become in' the case of our national money matters. ‘ (3) It is now an established fact that the people who control the world’s money also control the world’s trade. (4) By controlling money and trade they can absolutely control all commodity price levels by a process, simple - to Reserve or Central Banks, of expanding or contracting currency. . I (5) Should a Central Bank be created in New Zealand, there is nothing surer than tliat we shall be forced back oh to the gold standard, with all its attendant evils of instability, fluctuation of values, deflation, increased taxation, \ increased unemployment, trade stagnation, privation, and starvation.' (6) Should a Central Reserve Bank come into operation in this country so surely will further loans be thrust upon an already overburdened people, thereby further aggravating our present grave economic conditions and adding further to our load of debt and interest charges. , \ (7) Furthermore, the currency of this country by being linked with sterling and the policy of the Bank of England will be open to manipulation by overseas conditions, over which the Government and the people of New Zealand will have absolutely no control. (8) The policy of the proposed Central Bank being really controlled by the Bank of England, whose policy is now. at the dictation of the great Federal system of America, through the Bank of International Settlements, it follows then that the policy of the New Zealand Central Reserve Bank would really be controlled by a small coterie of Ger-man-Jew financiers on the other side of the world.

SMOKELESS AND NOISELESS. Two Italian engineers, according to a report published in Naples, solved the problem of rendering artillery fire smokeless and practically noiseless. Tests have been .carried out in the Ansaldo engineering yard at Puzzoli in the presence of members of the “Permanent Commission of War Material Experiments,” delegates of the Royal Artillery arsenal, military engineers, gunnery specialists and State technicians, but apart from these authorities and the personnel serving the guns, the tests were kept secret. An account of the experiments, however, is published in the Mattina, which says that a 75 millimetre gun, with the muzzle and breech attachments of the patent fixed, was fired several times. The usual voluminous smoke of this weapon, according to the Mattina, was reduced to a wisp of vapourish white, which almost instantly disappeared, and the roar of the gun was lessened to a noise “like a metal hammer blow, audible for 'only a few hundred yards.”

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