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OFFICIAL ORGAN OF THE ARCHDIOCESE OF PERTII, ESTABLISHED 1874 Registered at the G.P.O., Perth for transmission by post as a newspaper. NO. 2,300.
PERTH, THURSDAY, SEPTEMBER 11, 1947.
'PHONE B 6950 450 Hay Street, Perth.
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Box A3 5, G.P.O . Perth
SEVENTY-FOURTH YEAR.
A Catholic View of the Nationalisation
of Banking
.. .
Principles and Papal Utterances on the Matter
General Danger to Human Freedom in Monopoly Recently a group of Catholic laymen met privately in Melbourne to discuss the proposed Nationalisation of the Trading Banks. They included an economist, a public administrator, several business men engaged in both small and large-scale enterprises, several lawyers, a rural sociologist, and several trade unionists. At the end of the meeting they drew up the following statement of their
conclusions:The proposals for the nation- ductive forces, and of directing these forces to the develalisation of Banking, introduced opment of the material prosby the Labour Government, will perity of all-a prosperity have the most far-reaching effect of which also provides a sound on the lives and well-being Since no foundation for the cultural and Australian citizens. religious life." more radical measure has been The principle was further exproposed by an Australian Gov. 0011100-tr.riv",.. ernment in peace -time, it is im- plained in the authoritative daily portant that the principles un- newspaper of the Vatican, "L' derlying the measure, and the re- Osservatore Romano," in the folsults likely to flow from it, lowing words: "It is, therefore, generally should be understood by all Caadvantageous that the State, tholics. in addition to other economic (1) The Authority of the Church measures, nationalise some of in the Social Field. the enterprises, especially which must The principles those which, owing to their govern the attitude of Catholics monopolistic character, preto the general question of nationsent a means of exploitation alisation are to be found in the in the capihands of private Encyclical and other letters of talists, or, at any rate, directs the various Pontiffs since Leo the entire productive mechanXIII. and especially (since these ism along a course contrary to apply most definitely to the prethe common good." sent day) in the utterances of "Such enterprises," adds the reigning Pontiff, Pope Pius `L'Osservatore Romano,' could XII. be large banks, transportation, Every Catholic has the most war industries, certain chemiserious responsibility in conscical industries. . ence to adjust his thinking to the "The State may also have principles enunciated by the cause to nationalise other enCatholicism is not a Pope. terprises in addition to those purely private religion which mentioned, in order to have an concerns only the private devoeffective influence on the martions of the individual. It is a religion which concerns ket, and create conditions un- ( 1 ) The Trading Banks must we believe that the resolutions in which either contingency der which competition could itself with every aspect of life. lodge a certain proportion of of various executives of the Lab- might eventuate can be readily Its mission is to inform the poli- be improved and productive their deposits with the Com- our Party and of Trades and imagined: energies directed towards tical, social and economic fields Labour Councils are determined (1) A Federal Government could greater production in accord- (2)monwealth Bank. of life-as well as others-with The Commonwealth Bank more by the early Socialist edulay down for the Commonance with the general interthe principles of Christ. Acmobilises cation of the present leaders and the controls wealth Bank a policy that adests of the national communcordingly, the Catholic who beTrading Banks' than by conclusions reached foreign reaexvances should not be made to ity." lieves that, so long as he is reguchange, controls their invest- sonably as a result of recent enable people to build their As far as the proposed nationlar in attendance at Mass and ments in studies of the question. Government securiown homes. There are already the Sacraments, he is entitled to alisation of the Australian tradties, fixes interest and disPutting partisan considerasubstantial influences in the disregard the utterances of the ing banks is concerned, the folcount rates by regulation. tions aside, we believe that burcommunity against private Holy Father on social questions, lowing results flow from these (3) The Commonwealth Bank ac- eaucratic officials, with all the ownership of homes. Refused is out of harmony with the mind principles: tively competes with the Trad- power of a monopoly at their an advance by the Common(1) Nationalisation of the tradof the Church. ing Banks. disposal, may seriously endanger wealth Bank, the potential ing banks is not in direct con(2) The Principles Concerning In view of the above provi- the liberty of the ordinary citihome owner would have no Nationalisation. tradiction to any social prin- sions, it is a logical conclusion zen. other channel of credit. Home ciples of the Church. The principles of the Popes that Nationalisation, in the preThis danger to the liberty of ownership could be abolished concerning ntionAllisation maly (2) Whether it is actually desir- sent circumstanoes, is unneces- the individual may arise in two without any controversial legable in the present situation sary and points the way to the ways be summed up under the followislation whatsoever. must be judged by the results dangers outlined in the following (1) A Government with a totali- (2) A Federal Government may ing heads: likely to flow from it, and by sections: (1) General nationalisation of tarian ideology may prescribe lay down a policy that advanthe effects it is likely to have (3) Is There a General Danger all industry and economic life policies for the Commonwealth ces should not be made to any on the life and liberty of the to Human Freedom in the Esis wrong and is condemned. Bank Board which will serigroup of individuals who deordinary man and woman. (2) Selective nationalisation does tablishment of a Banking Monoously jeopardise the interests sire to build schools, kinderHaving regard to the present not necessarily come under this and of legitiof individuals, gartens, creches, churches, or poly? situation in Australia, especially general condemnation. In compiling this statement, mate associations, operating any other public community On March 11, 1945, Pope Pius since the passage of the Com- we are in no way influenced by within the Commonwealth. building. XII. wrote to Professor Charles monwealth Banking legislation of the propaganda for and against (2) Even if this abuse does not In this case, again, there is no Flory, President of the French 1945, the present nationalisation nationalisation which is current creep in at the policy -making other channel of credit. Such, Social Weeks, that nationalisa- proposals seem unnecessary and at the present moment. level, the ordinary bank man- a policy could be enforced withWe betion was permissible undesirable. lieve that the political and bankager may use the monopoly out any legislation whatsoever. "only in such cases where it The 1945 Banking legislation ing opposition to the measure is powers with which he is de (3) A skilled craftsman-an enappears to be truly required provides for the adequate con- less concerned with the common gineer, for example-might facto vested by the legislation, by the common good, that is, trol of the credit structure good than to maintain the preto discriminate between in. decide that he no longer wishes as a means of effectively re- by the Commonwealth Govern- sent position of the trading dividuals for political, social, to work for a boss, but desires medying an abuse or the ment through the following banks, irrespective of any interreligious or sectarian reasons to set up on his own. For squandering of a country's pro- agencies: est of the community. Positive examples of the way Equally (Continued on Page 14.) .