BANK OF ENGLAND

Hokitika Guardian, 16 May 1928, Page 2

BANK OF ENGLAND

INQUIRY REFUSED BY GOVERN Af ENT.

(United Press Association. — lly Electric Telegraph.—Copyright.) LONDON, May 15. In the House of Commons, the debate on the Currency Hill was resumed after the adjournment. Mr Snowden moved an amendment, which was defeated liv 229 votes to 101. The bill was then read a second time. Mr Snowden's amendment was to withhold assent to the hill '.‘ln the absence of any policy putting* into operation the resolutions of flic Geneva International Conference of 1922. and until an investigation has been made into the fiihshitution; powers, and policy of the Think of England in the light of the modern developments of finance and industry. Mr Snowden said that Labour in nowise wanted to make this a party question or one of censure oi the Hank' of England, but the time had ,ome to review that Hank’s archaic constitution. The Hank ot England should he a public corporation, composed of the best men in finance and industry, with representatives of the co-operative labour movements. This bill of ihe Government's restricted the currency total too rigidly.

(tight Hon. Sir Edward Hilton Young <Conservative) ' supported t!j® demand for an inquiry, though not, he said, as a preliminary to the passage of this bill. Mr E. Grenfell (Conservative) said llu't in view of the tone of the aijiendniout. he hoped the hill would pass by general agreement- There was no reason to hold up the hill for another inquiry. Mr E. W. Pethick Lawrence (Labour) said the Bill was a disastrous return to out-of-date conditions, and was at variance with the best international views on currency.

Sir L. Wort hi ngton-E vans (War Minister) said the Geneva resolutions, had valuably pointed out the way to a restriction of sound financial economic conditions. Most of them had been carried out in Britain. Ihere was no necessity for any further inquiry as. to the Hank of England's control.