CONTROL OF CENTRAL BANK

Timaru Herald, Volume CXL, Issue 20260, 8 November 1935, Page 13

CONTROL OF CENTRAL BANK

To the Editor of “ The Timaru Herald ”

Sir, —In a bunkum talk to gumlanders in his own Kaipara electorate ,the Rt. Hon. J. G. Coates called those “jaundiced” who are alive to the real truth of the creation of the Central Bank, as at present constituted, and its connection with the Bank of England. One need not bother to comment upon his red-herring efforts to induce thinking people to believe that the Bank gives the New Zealand nation untrammelled and “complete control over its own credit and currency.” Evidently the “windiness” of those who want to unload their shares in the Bank in view of the coming elections is indicative that New Zealand will control it soon: but not under the Coalition-National banner. The Minister’s efforts to decry those who understand the significance of the “advice,” unsought but compulsory, that Sir Otto Niemeyer imposed on this country—and is now imposing upon others—are futile. Mr Coates know's, even more than others, that Sir Otto Niemeyer, was sent here as a logical result of Mr Coates’s own policy screech, —“to keep New Zealand’s credit good”: with the country’s creditors. But Mr Coates Won’t say so; neither will the press, which knows which side its bread is buttered. Mr Coates may get away with it, especially if political aspirants are too gentlemanly to speak plainly from the platforms this month. Curiously enough, after dubbing as “jaundiced” those who realise that the depression was, and is, really oppression, Mr Coates carried on his speech by apologising for the Prime Minister just “saying that it (the exchangerate) would not be raised”—when both of them knew that it would.—l am, etc., SPUD OF NEW ZEALAND. Timaru, November 6.