BANK OF NEW ZEALAND

Gisborne Times, Volume XXV, Issue 2097, 4 June 1907, Page 4

BANK OF NEW ZEALAND

SUGGESTED NATIONALISATION

Mr. 11. G. Ell, member for Christchurch North, has sent to tho secretaries of all trades unions and political associations copies of a circular ho has issued regarding nationalisation of banking profits, and especially with the Bank of Now Zealand.

In the circular he states that every increase in pay secures the worker a greater share iu the wealth which his labor helps to create, but the benefit of higher wages may in a measure be defeated by the increased cost of living. The surest way of bringing about a more equal distribution of wealth securing to the worker a fairer share of the wealth which his labor produces, he says, is to extend tho functions of the State an dlocal governing bodies in the direction of public ownership. One of the greatest sources of moneymaking is banking, and in his opinion it' is one of the first which should be nationalised. With this object in view he has been working for many years past to make the Bank of New Zealand the .property of the people. Already the public owns £500,00 in shares in the Bank, and had received two dividends of 5 per cent, amounting to £25,000 in 1905, and to £25,000 in 1906, making a total of £50,000.

Mr. Ell continues: We must not rest content until the Bank of New Zealand is entirely public property, but it is only by the education of public opinion that we can ever hope to accomplish it. With this object in view I collected a deal of information, and embodied it in a pamphlet, which I am desirous of getting into the hands of as many electors as possible, and so I am appealing to every union and political association to assist in the education of public opinion by faking as many as pos-

bio for distribution.” To show that the Bank 61 Now Zealand, is worth making public property, ho quotes tho following irom tho lust annual roport by tho chairman of directors:—“As an indication of tho steady progress of tho Bank during tho last five years, I may hero mention that the balance of net profits for each year during that poriod has boon:—l9o2, £172,501; 1903, £195,590; 1904, £200,303; 1905, £253930; 1906, £274,329—an incroaso in five yours of £101,828.”

Next session tho sharoholdors intend to apply to Parlinmont for fresh legislation to enable' them to pay higher dividend. In viow of this Mr Ell urges tho organisations ho has communicatod with to pass tho following motion and forward a copy to tho Acting-Premier and to tho members for tho districts: —“That this association of electors is of the opinion that tho best interests of tho people will be sorvod if tho Bank of New Zealand is mado entirely public property. With this object in viow this association would strongly urge upon tho Government to tako tho necessary stop to purchase tho shareholders’ intorest in tho Bank.”