CENTRAL BANK

Rotorua Morning Post, Volume 2, Issue 371, 4 November 1932, Page 6

CENTRAL BANK

OPOTIKI BRANCH OF FARMERS' UNION OPPOSED TO CHANGE The opinion that a central bank was highly inimical to the interests of the farming community and to New Zealand as a whole was expressed by Mr. W. Bradshaw at yesterday's meeting of the executive of the Opotiki Branch of the New Zealand Farmers' Union. Quotin'g from the London Sun, Mr. Bradshaw said that the considered opinion in London finaneial circles was to the effect that the establishment of such an institution was not warranted and that it would deliver the control of currency of New Zealand over to private interests. He suggested that the union voice its disapproval of the measure now before Parliament. The chairman (Mr. A. Martin), remarked that unf ortunately few people had more than a cursory knowledge of the question which was a rather complicated one. However, he informed Mr. Bradshaw that the- matter had by no means been lost sight of by the Auckland executive and that there were in existence already a Currency Reform League which was taking up the matter with considerable vigour. In view of that aspect, it would not perhaps be wise for the branch to deliver any definite opinion upon the matter until it knew more about it. He could assure the meeting, however, that from what he had heard in Auckland, the union as a whole was opposed to the introduction of such a system. The meeting decided to leave the handling of the matter to the central executive.