NOTED FINANCIER ON VISIT TO N.Z.

Wanganui Chronicle, 16 October 1947, Page 6

NOTED FINANCIER ON VISIT TO N.Z.

(P.A.) Wellington, Oct. 13. Hi s position as chairman of the City of London Savings Committee which raised £1,500,000 during the war indicates the standing in British finance ot Sir Sydney Parkes, C.8.E., who with Lady Parkes, arrived by the Corinthic today. Sir Sydney, who is also chairman of directors of the National Bank of New Zealand will visit branches throughout New Zealand during his four months’ stay in these islands. His interests also embrace a trusteeship of the National Savings Committee, membership of the City of London Corporation and chairmanship or tne Joint Committee of Ophthalmic Hospitals. \ . Sir Sydney stated that amalgamations had* now resulted in British banking consisting of the fiv e main banks and two not quite so large. ine Bank of England bad been nationalised. General nationalisation, however, was not. even contemplated. r I he Bank of England was to all intents and purposes the servant of the Treasury. The other banks paid attention to the Governor of the Bank of England and the procedure worked •smoothly. Private enterprise in banking, continued Sir Sydney, could give better service than wholly nationalised. .. r-r,,. “You know how bureaucratic Government departments can become, he continued. “Even departments lakcthe Post and Telegraph don’t give the same service as a bank.” His opinion was that Great Britain would surmount the present crisis. A country which could win two such wars as those behind it, would not go down to economic defeat. On question of Americas attitude in the crisis, Sir Sydney said: “I have the greatest affection for the United States business men. They are realists. They ar e certainly interested in the welfare of Great Britain,”