May 8, 1944 (19th Parliament, 5th Session)

LPP

Fred Rose

Labour Progressive

Mr. ROSE:

That is a drastic one. The Labour party of Great Britain have been speaking of the nationalization of mines for how many years? They have still to nationalize the mines. I would say that the problem of the socialization of banks is somewhat similar to the nationalization of mines as it was promised by the British Labour party. The fact is that they have not gone very far.
Reference has been made to New Zealand. That country does not have a very highly developed capitalist system. It has a population of about a million and a half people. They have not as yet nationalized the banks' and the fact that some of the people there are saying that they will do something does not mean that they will. Let us be realistic about the problems.
If there is something wrong with bill No. 91, I should like to see my hon. friends of the Cooperative Commonwealth Federation show where improvements can be made. That would be a much healthier approach to the problem. Instead of talking about farm loans, we should have a bank for agricultural loans. If that were suggested, I would be one of the first to vote with my hon. friends to my right. If they will bring forward a concrete proposal in connection with the industrial bank I will support it. In that bill on the industrial bank it is suggested that loans will be given to shipbuilders, but I do not consider 100-173
them as being small industrialists. Loans should be available for small storekeepers. It should be possible for men in the army to come back and open up little stores. I would be 100 per cent for that. I have heard nothing said about how these men will be able to get easier credit. To put out propaganda slogans about socialization of banks at this time will in the long run tend to divide the people.
Some will say where are you to get the jobs? I admit it is going to be a hard problem. Others will ask, where will you sell the goods? I should like to refer to a clipping which I had in my office.

Topic:   BANK ACT AMENDMENT
Subtopic:   CONDITIONS GOVERNING TEN-YEAR EXTENSION OF BANK CHARTERS
Full View