BANK OF NEW ZEALAND

Timaru Herald, Volume CLVIII, Issue 23259, 21 July 1945, Page 4

BANK OF NEW ZEALAND

No Interference With Management Assurance By Prime Minister (N.Z.P.A.) DUNEDIN, July 20 Nobody will be allowed to poke into people's private business, declared the Prime Minister in discussing the proposed nationalisation of the Bank of New Zealand in an address at the Town Hall yesterday evening. The establishment of a state Bank, said Mr Fraser, had been a major plank in the platform of the old Liberal-Labour Party and the Labour Party had always stood for such a. policy. Over the last half-century many leading statesmen and banking experts had advocated a State-owned bank. "We believe that In a world depression a State Bank can exercise a. stabilising influence and prevent, the country suffering as severely as it has on past occasions.” added the Prime Mnister. He did not want, to say anything against the trading banks in New Zealand as they had operated during tlie wat period—they had been most helpful-but it was in flic post-war period that, the Government desired to be able tn exercise control. The Government definitely would not interfere with the management of (lie bank. Mr Fraser concluded. It would not make any change in (he staff, and was even prepared to reappoint the present, directors, but it would decide the policy to be followed. Much had been said about the possibility of lhe Government interfering in the private affairs of individuals and their accounts. this was imaginary