BANK BILL INTRODUCED

Chronicle (Levin), 16 October 1947, Page 5

BANK BILL INTRODUCED

(N.Z.P.A.-

-Reuter.

In Debate

Caniiriaht)

Received Wednesday, 7.20 p.m. CANBERRA, Oct. 15. "We shall figlit liere and outside until the people rise to defend their rights and throw the Government ou't oi o¥fice, " declared the Leader of the Opposiation, Mr. Menzies, in the House of Representatives^ todaj-. He sought^ uhe rejection of lea've for the Prime Minister,. Mr. Chifley, to introduce tonight the Bill to nationalise the private trading banks. The debate was gagged and leave was granted by 40 votes to 25. When Mr. Chifley sought leave to introduce the Banking Bill, Mr. Menzies voiced strong opposition. Declariilg that it was a Bill to reduce substantially the nornial freedom of the Australian people, he said that.it should be rejected, firstly, because the Australian electors had not been consulted directly pose of the measure -was to ereate- a monopolv of a tvrannical kind; thirdly, that it would create bitterness and uncertaintv which at the moment, would be the deadliest enemy of production. "A mandate for legislation is different from constitutional power," he continued. " It is something that musi be obtained from the people. Mr. Chifley cannot profess that he has any affirmative maudate. By every implication he conveyeil to the people at the last election that there Avould be no such proposal. I11 these circumstanceS the Government has a plain iluty eithei to hold a referendum or general election. ' ' Mr. Eadden spoke next and as he conburst of Opposition protest. Leave to introduce the Bill was then granted. "Tt lookfi as though the days oi capitalism are numbered," the Minis ter of I mmigratlonj Mr. Calwell, wa? heard to remark. "Full pulilic ownership of the bank? will ensure a eontrol of banking in the public interest, it will ensure effective steps being taken against the dangers of a secondarv inflation, it will assis' us to stave off a depression and te avoid a repetition of- the miseries oi 1930. Beyond this it will open the longlocked doorway to the development oi, a monetary and banking system trulv cluded II r. Scully moVed the gag in a adequate to our national requirenienU and wholly devoted to the service oi Australia," said Mr. Chifley when in troducing the Bill.