PRIVATE BANKS ARE TO GO

Wanganui Chronicle, Volume 89, Issue 212, 7 September 1945, Page 4

PRIVATE BANKS ARE TO GO

VIEWS OF MR. ATMORE Wellington, Sept. 6. Taking over the Bank of New Zealand was proper and sensible, said Mr. H. Atmore (Ind., Nelson) in the House of Representatives. He congratulated the Government for its altitude in the matter. He predicted that in another 10 years there would be no private bank existing anywhere in the world. Modern finance was vitally and intensively bound up with the welfare of the people, and to leave it in the hands ot a private monopoly was sheer stupidity. During the past 50 years there had been no slump due to failure on the part of the people to produce. Slumps nad been caused by the failure of private monetary monopolies. There was no man on the Opposition benches who would dare to go on to a platform before a jury of the common people and defend the present financial system, which, according to one noted authority, was the root cause of war. The people were too sensible to want to put up with it much longer.