GOVERNMENT & THE BANKS

Hawke's Bay Herald-Tribune, Volume 81, Issue 1, 24 September 1937, Page 4

GOVERNMENT & THE BANKS

-Press Assoclation.)

"We Are Not Getting 100 Per Cent. Service"

MR SAVAGE'S COMMENT

(By Telegraph-

m WELLINGTON, This Day. ''It seems to me that we are not getting 100 per cent. service from the private banks," said the Prime Minister, the Rt. Hon. M. J. Savage, in an -interview last evening when he was asked to comment on a published statement to the effect that the Government is being urged by the Labour Party caucus to assujne complete control of the Dominion 's banking system. "It is not right to say that pressure is being brought to bear on the Ministry by tho Tank and Hle members oi the Government," Mr Savage contin* ued. "Any suggestion of actio'n by the Government caucus cannot b» substantiated. However, I can say that we have complaints from all paftf of the country saying that the private banking institutions are not providing the full degree of service which they might be expected to provide. On the other hand, 1 have to admit that many people think that the banks are doing all that they should do. "We have always Said that if the needs of the people can be met by private enterpnse then private ent'erpriee should be aiiowed to continue. However, if private enterprise breaks down or f ails to render its proper measure of service then the State can step in and .provide the service itself. That argument . applies to banking and finance, just as it applies to Other forms of business." The Prime "Minister said the Government had not considered the desirabifity of taking any immediate action, but. if the necessity arose at any time it would not hesitate to step in with legislation which would charge the State with the duty of giving the requisite degree of service to the community.