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Hokitika Guardian, 30 June 1932, Page 4

During the recent session of Parliament and since, in particular, much attention has been drawn to the Banks and their “hoardings,” and this subject lias formed one l>isis of disagreement between, political parties of divergent views. Not so very long ago at •a social in honour of a successful Par--I.amentarv candidate, the latter happened to be seated next to a lady who anked him what the cause of the depression was, to which he replied with a nudge and a knowing look: “The bank's have got it.” . This representative of the people was either woefully ignorant or utterly unscrupulous. At once the question again arises “Who, and what are the hanks?” This question was asked, frequently during the recent election campaign, but was not answered in vary convincing manner. Careful study of the question will show that- the banks are “the people.” The annual report of one bank alone, operating in Nlew Zealand and Australia shows that its share capital is help by 13,823 people, of whom from one third to a- half are women—married, widows, nurses, domestic servants, women, employed in offices and in various other capacities, while the men holding the -ha la nee came from every source of life. In the Australian Savings Bank last- year there were 121,015 members of producing co-operatives with a gross turnover of £23,000,000. In life assurance at. the beginning of 1930, there were 1.641,000 in fe-ce for £71,063,864. Of ordinary policies. 908.807 were in force. Of rural freeholds there are 166,693 of less than 10C0 acres, with 31,607 of from 1000 t-> 6000. At the middle of June. 1930, there were 22,700 factories, no less than 16,660 employing u”dcr ten people—litt'o imill*trier, owned and run by woiking men. Finally, besides the hulk of the 196 millions in the- savings hanks, it is certain that the workers of Australia own a great nart i f idle 286 millions on deposit with the joint--took bank'-. -\s well as much of tluir onpi tail. While the worst that Comipunifiin might reasonably be expected to produce would be an improvement on the conditions under which (hr- stums and glv-Mos 'ive, : ts be«t could not approach the conditions under whirl i be Australian lives. At least two-lli' ds of the population have something I "t. by, or in other words, bare something t" lose. aniomiUmv to hundred* of millions. Because there is misery and hopelessness in the biggest, centres of tl o world, there is :f move by one section to cure a non-

existent disease, to destroy the bright prospects of hundreds of thousands. The position is similar in New Zealand where the banks are 'undoubtedly the people, yet Air Semple, speaking at (Jiiriotchurch, alleges tnat Mr Downie Stewart, “standing for the worn-out monetary system which has crashed the world, will, at Ottawa, represent the inteiestis of the hanks and big insurance firms, rather than .those of the people.”