CENTRAL BANKS
CRITICISM IN AUCKLAND. EMPHATIC PROTEST ENTERED. (Per Press Association — Copyright.) AUCKLAND, October 8. At a largely meeting of the Auckland New Economics Association, the following resolution was passed:— “In’ view of the published statement that the Government is considering the establishment of a central b‘ank, as outlined by Sir Otto Niemeyer, this Association wishes to register an emphatic protest against allowing overseas interests an opportunity of controlling the monetary policy of New Zealand, We believe such will be the case if the proposed legislation is carried into effect, “We desire to point out that the countries which adopted a similar policy several years ago, are now in a most parjoua condition. The central bank is a continuation of the present system whereby the credit of the nation is possessed and manipulated bv private, trading. This Association contends that the credit resources of the nation should be held by the people and managed in their interests,”
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Hokitika Guardian, 11 October 1932, Page 5
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157CENTRAL BANKS Hokitika Guardian, 11 October 1932, Page 5
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