FIRST HINT GIVEN

Otago Daily Times, Issue 26622, 19 November 1947, Page 5

FIRST HINT GIVEN

Nationalised Banking System

“GUIDE, PHILOSOPHER, AND FRIEND ”

Rec. 9 p.m. CANBERRA, N0v..18. The Prime Minister, Mr J. B. Chifley, to-day gave the Australian Labour Party Executive the first hint on how he intends to use his nationalised banking system. He said that many banking services could be given free of cost, particularly to primary producers.

“ Go out and fight on the platform, on the street comer and even in the bars over a glass of beer,” Mr Chifley exhorted the executive on the nationalisation issue. Denying all aspirations to dictatorship he said: “AH I want is a nice pleasant job as a gardener. If, as a result of our efforts, we make some section of the community a little better off, their security a little safer, then we have justified our existence.”

“ Banking should be the guide, philosopher and friend of the community and not just engaged in the mundane business of lending money from day to day,” he said.

Mr Chifley continued that, though a banking apd monetary policy could not do everything to avoid a depression, a proper banking and monetary policy could avoid 60 to 70 per cent, of depression effects. Correspondents say that Labour intends to sacrifice the immediate hopes of further nationalisation, even of the insurance companies, to concentrate exclusively upon bank nationalisation. An undertaking by Mr Chifley in a letter to the executive to consider nationalising insurance is taken by the executive to be merely a formal reply to the request. After the conference with Mr Chifley, the party president, Mr A. S. McAlpine said that the nationalisation of insurance had not been - considered by the parliamentary party and that it was obvious from the attitude of the delegates that the whole desire at. the moment was to concentrate upon banking and “ soft pedal V on any other nationalisation issue. The executive had asked the Government to consider the nationalisation of insurance and had accepted Mr Chifley’s reply. In New Sduth Wales the State Council of the Australian Railways Union will discuss the use of economic sanctions to assist the Federal Government to nationalise the private banks A motion to go before the council will “ deplore opposition to the banking proposal,” ana will seek an endorsement of the proposal that the combination of unions should discuss ways of assisting the Federal Government. _ A plan for economic sanctions against hostile States was first discussed last week in Melbourne by Federal officers of the Railways Union. The Federal secretary of the Railways' Union, Mr J. F. Chappie, said that this would not be put forward to the Australasian Council-of Trade Unions, but if the three southern State Governments combined to set up a bloc, then the unions would consider action. The view might be taken that the products of New South Wales, including iron, steel and coal might well be consumed in New South Wales.