NO STATE BANK.
PREMIER AGAINST IT.
RESPECT FOR BANK OF N.Z.
WHICH, FILLS,.THE POSITION.
(By Te’.egraph.—Own Correspondent.) PARLIAMENT BLDGS., Aug. 14. The idea of establishing a State Bank .is not now favoured by the prime Minister. Although at one time Sir Joseph "Ward believed that the country’s finances could be stabilised by the inauguration of such an institution, yesterday he stated in the House of Representatives that he believed it to be impossible to operate a State Bank successfully, side by side with the Bank of New Zealand, which was to all intents and purposes a semi-State bank, with a majority of Government nominees on the directorate. This statement he made on Mr Langstone’s Bank of New Zealand Amendment Bill, which, if passed, would make the Bank of New Zealand virtually a State Bank. Sir Joseph said he did not believe the Government should interfere in the management of the Bank of New Zealand. To interfere would be to trespass on the domain of the Government auditor, who submitted a full report on the Bank’s activities each year. The Government regarded the Bank of New Zealand as a powerful and successful institution, and it respected it as such.
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Bibliographic details
Thames Star, Volume LXIII, Issue 17663, 14 August 1929, Page 5
Word Count
198NO STATE BANK. Thames Star, Volume LXIII, Issue 17663, 14 August 1929, Page 5
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