COMMONWEALTH BANK BOARD

Ashburton Guardian, Volume 70, Issue 117, 2 March 1950, Page 6

COMMONWEALTH BANK BOARD

GOVERNMENT DECISION ON MEMBERSHIP CANBERRA, March 1. The Federal Cabinet has decided that no shareholder or director of any private bank will be eligible for membership of the Commonwealth Bank Board. The decision to bar people financially interested in private banks follows the principle adopted when the last bank board was appointed, and Government members insist that it' has nothing to do with the threatgened action by the Labour majority 'in the Senate. It. is stated authoritatively that the board will consist of 10 members, and that those members of the present Advisory Council whom the Government considers indispensable will be appointed members of the board. It is believed that Dr. 11. C. Coombs will be chairman, and that, the other members will not be chosen from any particular section of the community. The exception will be a trade union representative. The Government intends to introduce one bill amending the 1945 Commonwealth Bank Act and repealing the 1947 Bank Nationalisation Act. Ministers do not believe, however, that the decision not to appoint representatives of private banks rules out the possibility of Labour action in the Senate an 4 a consequent double dissolution,