The Banking Monopoly.

Kawhia Settler and Raglan Advertiser, Volume IV, Issue 404, 5 March 1909, Page 2

The Banking Monopoly.

SOME STRONG CRITICISM. In the current number of “Tbo Citizen.” the new Wellington fortnightly, appears a striking, article by Mr J. B. Hobart on the banking monopoly and its relation to the present industrial depression. Tbe article is the most outspoken criticism of the New Zealand brinks that has appeared for many year-. M.r Hobart has made u special study of his sub ject, and whether one grees or disagrees with bis argam> uts they will provide food for thought.. He contends that “New Zeal.-i d wi‘h all its blasts of liberty and ndvaucetneat, is tbe only country which has banking laws creating h banking monopoly: and tbe net result ig a ate of depreaoion altogether unwarranted by the real WeaiUh power of itiig country.” Tbe general trend of lie article may be gathered fr -m the following passage ‘ Underjtbe cl- >k of saving the Bink of New Zealand it was decreed tbai no new banks could cater or be organised for business in New Zealand We have to-day only five banks feebly trying to do business i i a field which is much too large f»r tueoi. Wo have banks so overpressed oy their policy of helping non producer, land speculators, and English interests that the interests of tho e mmuoi y at larg.« must suffjr. We hive by reason of the priiatfiples on which banks carry on their business a etale of which it any moment may bring about a recurrence of tbt time? of 1892 Toss miy appoir iucre hok>, bur it is nevertheless true. Oaring io our ><nr igeously foolish banking laws therfr’is ho pissiblo relief t o be exot c ted from tho five bangs which h rid the monopoly of banking in tbe D>minion.”