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Hokitika Guardian, 17 July 1933, Page 4

At the annual meeting of the Bank Officers Guild, held in London last month. Mr F. G. o'iegg, in his presidential address discussed, the effect on banking policy on changed economic conditions. Pressure of public ipmion, he said, and the- internationalisation of finance were placing banking among the prime public services. The detachment- of the banking system from direct public responsibility was rapidly passing away. Banking policy was being affected by national interests | —the probable precursor of legal control in greater -or lesser degree. The possibility would he greater rather than less. Whereas a mere generation ago banks touched public life only through tile medium of their individual customers, to-day they were a vital national function; The question of credit facilities was hot to-day one ony of a private bargain between banker and customer; it was one of national responsibility, and the direction of the flow of credit would be increasingly considered from the standpoint of'national, prosperity. Also the rate of interest on deposits might, on occasion, in the future be vaiiod by factors other than that of competition. The whole world was moving toward orderly control if the machine of economic, industrial and financial power and away from the policy of laissez faire.