BANKS CRITICISED.

Star (Christchurch), Volume XLIV, Issue 458, 20 May 1932, Page 4

BANKS CRITICISED.

Farmers Allege Shameful Exploitation. Criticism of the banks trading in New Zealand was voiced by Mr J. D. Hall at the annual conference of the North Canterbury branch of the Farmers’ Union yesterday. He was speaking to the following remit, which was adopted: “In view of the shameful exploitation of the farmers by the trading banks of New Zealand, other than the Bank of New South Wales, in the matter of London exchange, it is essential that a Bank ot Imperial Currency should be established, with power to provide for all matters o£ Imperial exchange.” Mr Hall said that New Zealand was suffering from the fact that its finance was in the hands of the trading banks When Sir Otto Niemeyer came to New Zealand he expressed himself in favour of the abolition of the rights of the trading banks to deal with questions of exchange. Sir Otto recommended a central reserve bank which would act in much the same way as the Commonwealth Bank of Australia, which fixed the rate of exchange. The quota system for Empire foodstuffs was approved by adoption of the following remit: “That the action taken by the Advisory Committee in supporting the method of conferring preference on the farmers in Great Britain and the overseas dominions by means of the quota system be approved.”