Good News, But This Not The End Of Nationalisation Scheme

Wanganui Chronicle, 27 July 1949, Page 5

Good News, But This Not The End Of Nationalisation Scheme

MELBOURNE, July 26 (Recd. 12.10 am).—“Splendid news. The banking system is safe until the next Federal election," said Mr L. J. McConnan, chairman of the Associated Banks, commenting on the Privy Council’s decision. “The Government will now have to seek new legislative powers, which, even if proved to be constitutional, cannot be put into effect before the Government goes to the country. Let no one be under a misapprehension—this decision does not mean the end of the Chifley Government’s determination to nationalise the banks and gain control of the individual’s banking account. The methods of achieving this end, other than prohibition, are, without doubtwell in the mind of the Government in its ruthless march towards its socialistic objectives. It is perfectly

clear that if the Chifley Government is returned to power the danger of bank nationalisation and all that it means will be as grave as ever.” SYDNEY, July 26"( Recd 12.48 am). —“Those who realise that a nationalised banking system is a first sure step toward a socialised state are delighted with the outcome of the Privy Council case,” said the general manager of the Bank of New South Wales, Mr. T. B. Heffer. “It means that preservation of the trading bank system in Australia is untouched, at least for the time being. The decision is a victory for personal freedom, since once the banks are nationalised it would be possible to bring every section of the community under the subjection of a specialised State, or socialist dictatorship.