RESERVE BANK SCHEME.

Press, Volume LXVI, Issue 20102, 4 December 1930, Page 11

RESERVE BANK SCHEME.

SELECT COMMITTEE'S REPORT. ALTERATIONS SUGGESTED. (UKITED PRESS ASSOCIATION —hi ELECTRIC TBLEOBAPH—COPVBIOHT.) (Received December 3rd < 10.30 p.m.) CANBERRA, December 3. The Select Committee's report on tho establishment of a Central Reserve Bank has been tabled in the House of Representatives. The Committee suggests that Parliament should consider the advisability of providing the structure for such a bank along the lines of otlier countries, which would probably permit of easy co-operation with similar institutions. Other recommendations were: —■ The Government's holding ought t,o be limited to one-third, the remaining two-thirds be made up by public subscriptions. That the dividends should be limited. That the first aim of the bank should be to build up an adequate reserve for service in times of stress. That the shareholders should receive no share of the profits from note issue. Two-thirds of the directors should be elected by the shareholders and the remainder by the Government. LEGISLATIVE COUNCIL APPOINTMENTS. PREMIER'S ACTION DENOUNCED. i (Received December 3rd, 8.45 p.m.) SYDNEY, December 3. Speaking on the Address-in-Reply debate in the Legislative Assembly today, Mr T. R. Bavin, Leader of the Opposition, described the Premier's (Mr J t T. Lang) request to the Governor (Sir Philip Game) for a large number of additional appointments to the Legislative Council as the most unreasonable and most senseless ever put to any Governor of any Dominion. Mr Lang's actions were earning for New South Wales the reputation of being a sort of political madhouse. He was obviously attempting to create a constitutional crisis in order to divert attention from the fact that he is unable to fulfil his pre-Election promises.

REPEAL BILL CARRIED. (Received December 4th, 12.40 a.m.) SYDNEY, December 3. The debate is proceeding to-night on the seeond reading of the Bill to repeal the Act which stipulates that the Legislative Council shall not be abolished until a referendum is held upon the subject. A division is not expected until midnight. The Bill was carried through all stages on the voices and was sent on to the Council. It is believed that an attempt will be made to test the validity of the measure in the Courts.

LOTTERY PLAN REJECTED. (Received December 3rd, 10.30 p.m.) CANBERRA, December 3. The Acting-Prime Minister announced that Cabinet had rejected the plan to conduct a lottery in Federal territory in aid of the unemployed. N.S.W. RAILWAY LOSSES. SYDNEY, December 3. The annual report of the Railway Commissioners for the year ended June 30th states that the earnings totalled and working expenses to £ 6,420,643 and the Government's contribution towards losses on the working of country development lines amounted to £BOO,OOO, so that the net loss on the year's working was £2,756,374. , The tramway losses amounted to | £285,244.