BEHIND THE SCENES

Waikato Times, Volume 106, Issue 22661, 14 July 1945, Page 4

BEHIND THE SCENES

THE BANK PURCHASE SCHEME This is a good time lor the public to refresh their minds as to the origin of the scheme to make a State institution of the Bank of New Zealand. It resulted from a decision of the 1944 conference of the Labour Party, based on a motion moved by Mr H. E. Combs, M.P. Among other things, Mr Combs said: “While we have excellent controls over currency, credit and banking at the present time, these controls can be changed overnight by a change of Government. But if we have it as a legislative fact that the Bank of New Zealand is a State institution working and running at the time of the next general election, then, if a change does come, and I don’t think it will, those who come into office can only change it in the sight of the people.” In other words, the Labour Party wants to see one large piece of Socialism—State banking—in working order during the next 18 months, in case the Labour Government is turned out at the next election. Think that over. Mr Walter Nash, who had again and again resisted the proposal to take over the Bank, on this occasion seconded the motion. Another speaker at the conference (as reported in “The Standard”) said that the question of buying out the Bank of New Zealand had become a festering sore inside the Labour Movement. Later on the national president, Mr James Roberts, said the discussion reminded him of a revivalist meeting! “We are not going to change the personnel of the bank, but what we have got to do is to change its policy,” declared Mr Frank Langstone in a long speech that received an ovation. He promised all sorts of things if the bank was “operated in the right way.” “All would have to become one great party—the Labour Party,” he said. Imagine anybody starting a trading bank on those lines and in that atmosphere! Wox-se still, surely, to acquire a strong, flourishing bank that is performing a useful service to the people and to ’.he Government, for the purpose of “changing its policy” and making it the instrument of a political party. What Mr Nash says or believes, does not count. The extremists in the Labour Party got their decision “adopted unanimously amidst a demonstration of enthusiasm" (as “The Standard” reported), showing that they are in the ascendant. Their instructions precede law-making. They are the people who will manipulate “policy” for the Bank of New Zealand when it is acquired by the State. Reasonable citizens should be warned, and resist this move toward a State banking monopoly. —lnserted by the Associated Chambers of Commerce of New Zealand. 678