SOCIALIZATION OF BANKING.
Mr. Williamson devoted part of his address to a thoroughly effective reply to the agitation which arises from time to time for nationalization of banking—of course, in the hands of Socialists. This question was fought out in Australia before the recent Election, for it seems to provide a platform upon which a discredited party can always fall back when it is seeking the support of electors. Mr. Williamson pointed out that so far from the trading banks deliberately restricting credit, as they are said to do by advocates of Socialized banking, they are anxious to lend as much as they can on sound security. It is on the latter consideration, of course, that the arguments for nationalization completely fail. If Socialized banking were to achieve anything, it could only be through unsound lending, and, as Mr. Williamson said, can anyone doubt, after reading history, what would be the result of such a policy carried out consistently for a few
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