STATE CONTROL.

Thames Star, Volume LXVI, Issue 19664, 20 March 1936, Page 3

STATE CONTROL.

CURRENCY AND CREDIT. The Reserve Bank. NO PRIVATE SHAREHOLDERS MR. SAVAGE’S STATEMENT.

(By Telegraph.—Press Association) WELLINGTON, March 20

The Government's intention to make the Reserve Bank of New Zealand a straight-out Stale institution was announced by the Prime Minister, Mr. M. J. Savage, to-day. He said an amendment to the present Act would he one of the first measures dealt with during the com-

ing session

Tlu* Government would take control of the currency and credit of New Zealand, said Mr. Savage, but administration of the money system would remain as it was to-day. In other words, the people who understood the administration of banking would be still at the helm, the Government’s object was to lay down the policy that would he followed.

“The Government has sense enough to know,” said Mr. Savage, “that the mere turning of the hands of the printing press is not the way to get, rich.” Private shareholders in the Reserve Bank would be bought out and they would lose nothing. The shareholders could rest assured they would suffer no injustice. A caucus of the Government Party has been called for 11 o’clock on Tuesday morning.