CENTRAL BANK

Rotorua Morning Post, Volume 2, Issue 473, 6 March 1933, Page 5

CENTRAL BANK

Our District Representative?

CLOSE SCRUTINY OF MEASURES IS NECESSARY FOR PROTECTION FARMERS' UNION VIEWS

(From

Opotiki, Friday. A remit from the Te Puke branch of the New Zealand Farmers' Union to the sub-provincial conference. held at Opotiki, and dealing with the Central Banking Bill, read. — "That this meeting protest against rushing this measure through until the public has f uller information and that to that end a full and open enquiry should he h'eld into the monetary and credit system of New Zealand with all possible alternatives there to." Overseas Influence Mr. A. E. iRobinson, provincial seeretary, alleged that the directors of the proposed Central Bank would be appointed by the Bank of England and that the proposed deputy goyernor had recently been over to England where, Mr. Robinson alleged, h'e had been conned over and approved by the Bank of England. He pointed out the th'e- balance of power in the controlling body of the bank la.y with the governor and deputy goyernor, and he went on to sh'ow in det'ail how- in his opinion the

IGoyernment would actually have little or no control over the bank. He sug- [ gested that the value of sterling' i'n | New Zealand would follow closely the rise or fall of sterling in England. He claimed that eventually it me'attt that New Zealand would be whplly under outside control as far as inbiiey matters went and that would immfedi- : ately mean they wdre under outside i control in many other matters which were affected by money. He pointed ! out that the the very fact that WeI wer© surrounded by plenty and yet .'were unable to distribute it, showed i that there was something Vitally wrong with our present methods oi \ distribution which was ilo more n'dr jless than our banking system.