N. Z. RESERVE BANK

Hokitika Guardian, 14 November 1933, Page 6

N. Z. RESERVE BANK

INTERESTING DERATE EXPECTD

IN UPPER HOUSE THIS WEEK

(Per Pi ess ' Association — Copyright.)

WELLINGTON, Nov. 13,

The Reserve Bank Bill will come before the Legislative Council on Wednesday for its second reading. An interesting debate is expected to result, as it is known that several members of the Council are opposed to some of the principles contained in the measure. A most interesting feature of the Council’s consideration cf the Bill, however, will be the committee stages, when it is believed that some amendments will be proposed. The question is bound to arise as to whether the Legislative Council has a right to amend the Bill. The powers of the Council are limited in so far as “money” Bills are concerned. They can reject such Bills in. toto, hut they cannot amend them!

Some doubt appears to exist whether the Reserve Bank is a money Bill, hut it is understood that if the question is raised, it will he ruled that it is not a money Bill in the strict sense of the term.

I May, in his “Parliamentary Pracj tic-e,” defines a money Bill thus: “A money Bill is defined as a public 'Bill which, in the opinion of the Speaker of the House of Commons, contains only provisions dealing with all or any of the following subjects, namely, the imposition, repeal, remisson, alteration or regulation of taxation ; the imposition for the payment of debt or other financial purposes of charges' on the Consolidated Fund, or on money provided by Parliament, or variation oi repeal of any such charges or supply; the appropriation, receipt, custody, issue or audit of accounts cf public money, the raising or guarantee of any loan or repayment thereof, or subordinate matters incidental to those subjects or any of them.”

The Reserve Bank Bill is a composite measurefdn that some of its clauses affect the public purse and others are of a machinery nature. The Council will probably take up the attitude that it has right to amend' the clauses in the Bill which do not affect the public purse, and it is not likely that its right to do this will be challenged unless such action nullifies the effect of any of the money clauses.

AN INQUIRY AND REPLY

WANGANUI, November 14

111 reply to a telegram sent by the Wanganui .Chamber of Commerce to Mr Forbes, stressing the necessity that •the Reserve Bank should be absolutely free of political control, _ the Prime Minister has wired stating the assumption that political control is involved is totally incorrect. “Under th e present legislation, the Government appoints four out of six directors of the Bank of New Zealand and I would like to aisk your chamber if- it 'considers that institution is .under political ‘contro 1 . The form of the directorate for the New Zealand Reserve Bank "is in line with that adopted by other countries.” . -

The chamber has replied stating that the Minister of Finance when moving the second reading of the bill made it quite clear that the' function of the Bank would be to give effect to the. Government’s currency policy. There was no such liability on. the Bank of New Zealand, therefore fthej case was not parallel. .

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