HIGH COURT WRIT ON BANK ISSUE

Chronicle (Levin), 18 November 1947, Page 5

HIGH COURT WRIT ON BANK ISSUE

(N.Z.P.A.-

— Reuter,

Copyright)

Received Moniiay, 7.15 p.m. SYDNEY, Nov. 17. The Sydney trading banks have combined in lssuing a High Court writ in Sydney today to restrain the Commonwealth Government from acting under the Banking Bill shouid it he passed by Parliament. When informed of the move Mr. Chifley, who is in Canberra, declined to comment. Mr. Justice Dixon, who sat during the luncheon hour, gave the banks leave to serve a short notice on defendants for an interim injunction. The proceedings wiil be heard on Wednesday. . The injunction will seek to restrain defendants from issuing notices to acquire the shares of trading banks, Defendants named in the writ are the i Commonwealth, Mr. Chifley and Commonwealth Bank. The trading banks named as plaintiffs are the Bank of New South Wales, Commercial Banking Company of Sydney, National Bank of Australasia Ltd., i Queensland National Bank Limivad, Commercial Bank of Australasia Limited, Bank of Adelaide, Ballarat Banking Company Limited and Brisbane Permanent Biiilding and Banking Company Limited. The solicitor for the banks referred to a statement by a Government spokesman who said he saw no rsason why notices should not he issued to the trading banks immediately the Bill was assented to. He also mentioned forecasts that the Bill might pass the Senate on Wednesday night.