MONEY.

Gisborne Times, 17 October 1908, Page 6

MONEY.

[To tub Editor.] - -Sir,—Mr. F. N*.' Somorvoile has- ret a good example by writing, above his signature, npo-n this subject, which, though of vita]'importance to the wellbeing of the people of New Zealand, some people won't face openly. My views are well-known, and I only write • now to refer to what Mr. Spmervclle means when he says:—“l do not admit that it would be in the best interests of any* community that the State should have the monopoly of the Banking business, and- .‘consequently the entire control of the private finances of that country.” I wish he had explained what he means by “the State.” I fancy he had-in his mind only the Ministry of the day. But •jf he refers to the Bill I drafted in J.S&G, he will find that I proposed a Banking Instution, -manned by directors outside of political and party influences—directly responsible to the Parliament; and who]" by their chief, should be present when Parliament is sitting, to afford all proper information, if called upon. They would represent the State—that is the whole people. What else would suit a Democracy? It may be asked who will appoint the directors? They must be appointed somehow, and I see no harm likely to arise .if appointments are made by the Governor-in-Gouncil, just as the" Auditor-General and other great- officials are appointed now. The important matter is to whom are they to be responsible? No one questions '--the independence of the Auditor and Controller-General, or the Judges of , the Supreme Court, because they are responsible to Parliament only. I refer him' to sections 7, 11 and 14 (g) of the draft Bill, which, 1 should think, ought- to ensure honest administration. By the constitution the management and control of money was and is a Koyal prerogative,to be exercised only for the good .of the country, and not to serve private interests. And that is what the people of New Zealand have got to strive for—to place the control back to where it ought- to be, viz., in the “State.”—l am etc. W. (STEVWRIGHT. Gisborne, 15 October 1908.