THE PREMIER’S VIEW

Waipukurau Press, Volume XXIX, Issue 213, 17 September 1934, Page 5

THE PREMIER’S VIEW

On Monetary Report

“MATTER FOR BANKS”

NO CALL FOR LEGISLATION

(Per Press Association.) CHRISTCHURCH, September 15.

There is nothing in the Monetary Committee’s report that appears to call for special legislation. This is the view taken by the Prime Minister, the Rt. Hon. G. W. Forbes, who stated last night that the report would come before tho House of Representatives and opportunity would be given for discussion.

Monetary questions had already been discussed fairly fully in Parliament when private members’ Bills were considered, stated Mr Forbes. The committee had been set up to meet numerous requests that those who advocated various systems of currency should have an opportunity of placing their view£ before a Parliamentary Committee. The question of interest charges on Treasury bills had been discussed in the House on several occasions. The recommendations of the committee were matters more for the hanks than for tho Government, as, for instance, those relating to overdraft rates and hank charges. The amalgamation of State lending departments, as mentioned in the report, had heen foreshadowed in the Budget proposals under the heading of the Mortgage Corporation. Otlier matters mentioned were the concern of the Reserve Bank. ! AUCKLAND VIEWS DTSAPPOTNTAfENT RECORDED (Per Press Association). AUCKLAND, September 14. Disappointment was expresed in Auckland to-day with the Monetary Committee’s report. Mr A. M. Seaman, chairman of the Associated Chambers of Commerce, was not disposed to discuss the report, hut said that it showed the futility of appointing a non-expert committee io deal with a highly technical subject. 1 Dr E. P. Neale, secretary of the iAuckland Chamber of Commerce, said 'that any two economists '•ould have written tho report in two nr three days. The appointment of a Parliamentary Committee was a very cumbersome way of achieving a minor result. Mr W. J. Holdsworth, chairman of the Citizens’ Committee said he could really nothing in th? report. What, it recommended had been coming abouv automatically, of the banks’ own initiative. Mr A. E. Robinson, vice-president of the Douglas Credit Association, said that the majority report simply whitewashed tho Government for sotting up the Reserve Bank and raising tho exchange rate. Tho minority report, would live when the other was forgotten. Ho asserted that Major Dou’gt las’s proposals had heen deliberately ■misinterpreted, and that the publication of the report had heen purposely * deferred so that it could ho used in | Australia to-day against the Douglas 1 cred’t election candidates.