OUR BANKS AND BANKING.

Dominion, Volume 2, Issue 452, 10 March 1909, Page 9

OUR BANKS AND BANKING.

ADDRESS BY MR. J. H. HOBART. An address on "Dominion Banking" was given at last night's meeting of tho Committeo of tho Industrial Association by Mr. J. H. Hobart. Ho commenced by saying New Zealand was suffering from the objeqtionablo legislation of ISU3. Manufactures bad been built up in spite of tho lack of assistance from banking institutions! Just now, the banks had been responsible for land boomingj and, if that was called good banking business, the soonor it was stopped by the State tho better: This state of affairs was seen all over New Zealand, and if it was not stopped another smash would occur. H<> also dealt with the question of a banking monopoly, and said that tho money was being invested by tho banks in speculations. Tho lecturer referred to an American law, which enacted that no bank could lend on land speculations. In Wellington alone, there was enough business to keep a bank going, and, if people would organise, money could bo obtained easily. A total of £23,000,000 was deposited in the banks, and the people's money should be protected by the Government, and there should be a free trade in banking. People talked of State banking, but that would creato a worso 'monopoly than existed at present. There should be moro banks, aaul they would then bo ready to meet pcoplo. If a co-operative bank were established on tlio lines of thoso of Germany, where they rose from infinitesimal beginnings to powerful organisations, banking facilities would bo given at cost price, and people would bo on tlio high road to fortune. Mr. Hobart was accorded a'voto of thank 3 for his address, •and was invited to address tho mombors at a futuro date.