MR NASH AND THE BANK OF N.Z.

Bay of Plenty Beacon, Volume 8, Issue 31, 8 December 1944, Page 4

MR NASH AND THE BANK OF N.Z.

Sir —I would like to stress the I point that to take over the Bank of Ne.w Zealand the present shareholders "would have to be bought out. Now r who foots the bill? Tf the Government pays the shareholders in treasury notes or bonds, are those bonds or notes to remain a State, issue? If so then we have •» 9 State Bank free from national deb-;: but if the Government borrows from private banks to , liquidate those shareholders (as in the case of the Reserve, Bank) the country will have no further control, except as a lability. Mr A. Patterson and Mr A. Hamilton both put up some pertinent questions from their political economic point of view. But I would ask Mr Patterson what about the stormy waters of political ineptitude in 1930- Mr Hamilton's sole and only trouble is 'what is. the .s£ock exchange, to get out of it?'

Mr Nash stated that the. banks had completely co-operated with the Government in its policy, and as wr. do not know what that policy is (or do we}, you may look for the nigger in the wood .pile. But Mr Nasil makes a further statement that the Government has complete control over credits and currency througn' the Reserve Bank. That may be perfectly true, but it does not take, ns any further than his previous state-, ment. If we are to have a State Bank the people, must, have con* trol of their internal and external credit governed and controlled through a national authority. This is an essential point for if you are to have a bank governed by a government. and not for and by the people, you are asking for a straightout totalitarian dictatorship. Mr Nash is not to be trus-tfed, he still believes in Wall Street, Fort Knox; and the debt system. Mr Nash goes further he states that a State trad- ' 9 ing bank could carry out thd same amenities that the Bank of New Zealand now provides, to assist loan facilities to returned servicemen and others. Being a S'emi-State Bank as at present constituted it mustdemand interest on par with the trading banks, so his assertion that it could not produce debt free money as a State Bank is quite within hi= line of thinking'. Now Sir } I wish to state. that if. the people qf this country want a debt free service they can and must demand-it. Mr Nash let 'slip, "it is not money that counts, it is production." Quite so; with a free, exchange for goods and services (social credit). Whilst out' surplus of production for export is capable of meeting our fundamental' imports the wealth of this country free from outside financial dictation can support, a population of • ten times as many as atL. present free, from poverty and in comfort. Arc we a servile race that we should allow money to govern and be the master, when we. have the key to comfort and security through a sane administration of our production? "Credit and currency." This is real democracy. Yours etc % W, BRADSHAW.