RESERVE BANK

Hokitika Guardian, 27 October 1933, Page 6

RESERVE BANK

OPPOSED AX AUCKLAND JVIEETING PAR LIAM E NT’S, DISS QL 0 T lON ■ ''...v.'ASKED;. .;. ; (Per Pre 8S Association,: .Copyright) V AUGELANJ>, October 26. ; ; ./A public meeting at . : A;Uc;klaud . passed a resolution ...asking the GovernorGeneral to dissave Parliament immedlia'tely, ionv.the gjfquiul. that..the Government had lost. .<■ the 'confidence, of the people of : ,New Zealand. .The resolution also • opposed- ..the.Reserve. fiaiik, urging Un . inquVv into..\tlie ..monetary system, .and... possible .....alternatives..... • COMMERCE' cl AMBER S’ bpiNfON . FULL INQUIRY: REQUESTED. .. , ; WANGANUI,-; October- 27.;The A ssoc i a ted Chambers of Commerce * passed the following resolution:—“That, in the matter of the Reserve Bank Bill this: conference js of the opinion there is no immediate need to rush through this most important legislation; that it is essential there should be a full and exhaustive inquiry before .a duly constituted Parliamentary committee before which evidence would be taken, and a report made before committing the country to a most important departure from established banking practice. “This conference further emphasises tlie point laid down by Dr Niemeyer that the .Central Reserve Bank should! be entirely free from political influ- ! ence, or'control, directly or indirectly, j It is necessary, and it should he obvi- ! ous to all that the danger of 1 interference, ■ adequate .'.safe-;: guards are provided, might easily become a real menace to the financial stability of the Dominion. . | A remit was carried: “That the free

and unrestricted' entry of. our exports into (treat Britain is., so vital to New Zealand that negotiations should be initiated to ascertain on what terms this right can be secured. We should be prepared to make concessions to achieve this end.” OTHER REMITS CARRIED. WANGANUI, October 27. Remits to the Chamber of Commerce were carried : “That allegations uneconomic competition by ttie Railway Department be referred to the executive for action if necessary; “That the provisions of the Incomo Tax Act, relating to reductions that may not be made from the gross income in calculating the assessable income of individuals and companies engaged in ti'rdc, and embarrassing ro trade and operate harshly and unjustly. The Act should jje revised and amended so as to permit of the deduction -from the gross income of all items of expenditure incurred; i, n the earning of the gross income which are properly and reasonably chargeable in accordance with es.ablis'hod commercial aa:d accountancy practice to the year’s trading and profit and loss accounts ; j “That- 'allowances for the depression fixed by the Commissioner should be revised by the entire abolition of the principle of basing allowances on dimlavishing values of assets, and a.dop-ing, in. all cases of original cost as a basis of calculation, a reconsideration of rates with a view to allowances being increased in those cases 'where the rate would clearly not extinguish the asset account. wH-hin a period -xeprescct-f inf % life ttad&r ft 3l ' ol *! conditions.”