PURCHASE OF BANK

Timaru Herald, Volume CLVII, Issue 23215, 31 May 1945, Page 4

PURCHASE OF BANK

Protest By Chamber Of Commerce “That this meeting of 'the South Canterbury' Chamber of Commerce views with grave concern the overriding of Mr Nash’s often repeated statement that the purchase of the Bank of New Zealand is unnecessary. We feel even greater concern at the published reports of Mr Langstone’s recent speeches declaring that the purchase of the Bank of New Zealand would reduce the other five banks to the level of mere savings banks. This can only mean that the extremists in the Government ranks intend to destroy the major business of the other five banks.” This resolution, moved by Mr S. G. McClelland at the annual meeting of the “South Canterbury Chamber of Commerce last evening, will be sent to the Associated Chambers. Mr McClelland read the following extract from a letter from the Associated Chambers: "Any businessman who thinks he has done enough, and is avoiding the effect of the Government’s move, simply by transferring his account from the Bank of New Zealand to another bank is deluding himself; his account is just as much within rcacli of the Socialists when the Bank of New Zealand is nationalised, because, once they have ownership of one trading bank, control or extinction of the other trading banks follows as a matter of course. This is a fundamental and declared part of Socialist policy. It is the objective of the present move. In fighting the nationalisation of the Bank of New Zealand the Chambers of Commerce, and all those firms who make up their membership, are fighting their own battle, not anybody else.’s'” ~