OUR RESERVE BANK—OR IS IT

Bay of Plenty Beacon, Volume 5, Issue 1, 9 January 1942, Page 4

OUR RESERVE BANK—OR IS IT

Sir, —Your * correspondent under the heading of a "Visitor's Opinion" dated 19/12/41 wrote quite an interesting letter with good advice to our City Fathers who have to find the necessary finance for those improvements pertaining tci Municipal undertakings, and who would gladly welcome cheap money even if they had to .wait- till after the war for it, but, is the Reserve Bank a Govern-" ment Bank ? I would like to> think, so, but in the Year Book it goes to show that tha £1,600,000 paid by the Governmentfor shares in the Reserve Bank was borrowed from the Private Banks therefore I cannot see the difference between Tweedle Dum and Tweedle Dee, "the Reserve Bank and the Private Banks," and they all come under the same heading of that Financial Institution known as the Federal Union of Banks with its headquarters in New York. Therefore we cannot say .we own any thing let alone a Bank, until we have es* tablished our right as a community to issue our own money and credit free from debt. Mr H. E. Combes, M.P., when speaking at a meeting recently asI sured his audience that, Social Credit, was already in operation in New Zealand to back his assertion he stated that the £26,000,000 borrowed by the Reserve Bank was Social Credit exemplified, but he did not get away with it, there were Social Credit there, and it was another case of Twedle Dum and Tweedle Dee. Yours etc., W. BRADSHAW.