BANK OF NEW ZEALAND.

Waikato Times, Volume 97, Issue 15274, 26 June 1923, Page 5

BANK OF NEW ZEALAND.

SIR G. ELLIOT CRITICISED. PROPOSAL BY MR LYSNAR. BONDS TO MEET MORATORIUM. By Telegraph.—Special to Times. WELLINGTON, Tuesday. Mr D. Lynsar (Gisborne), criticising the Bank of New Zealand, said the Dominion would not reach stabilisation if the ,chairman of the Bank was allowed to decry its assets, as was done by Sir Harold Beauchamp. It was the duly of the Government to stop it. Every time the chairman of the Bank thinks it is his duty to startle the people of the country, he says that property is of no value, and in the same breath asks people for their money, lie bad tried to stop people putting money into mortgages, urging Ihem to.put it into fixed deposits. Referring to Sir George Elliot’s criticism of the farmers’ banking scheme, Said this bad affected all other organisations when the country needed stabilisation most, and lie had launched into a wholesale condemnation of farmers, who were not responsible more than other people for a state of affairs, the causes of which were world-wide. Mr Lysnar suggested that as an element of banking, advances should be made on land. _ If that could not be done, the best thing was to authorise the Advances Department to issue. debentures in order to meet , the moratorium. I-le, suggested up to 60 per cent of land values at 51 per cent interest, with a sinking fund of 11 per cent.