PREMIERS' CONFERENCE.

Dominion, Volume 5, Issue 1343, 22 January 1912, Page 5

PREMIERS' CONFERENCE.

STATE AND FEDERAL SAVINGS BANKS, By Tcleer*l>li—Prtsß Association—Goryrlgil Melbourne, January 20. Mr. Fisher, Federal Prime Minister, attended the Premiers' Conference, and explained the Commonwealth proposals to ! the States with regard to tho Commonwealth Sivings Bank. The Common- • wealth, he said, did not intend to exi elude tho States' banks, but was pre- • pared to make them partners on the basis of tho States supplying a portion of the i capital not exceeding one-half. Thoy i would become responsible for liabilities i and share in the profits in proportion to the capital subscribed. Each State would ■ r.se the bank as far as practicable as its ; bankers. He proposed that the Com- ; monwealth should take over the States' Savings Banks, tho States to have first call on any loans to repay the savings banks' existing loans; also to have first call upon three-quarters of tho deposits ■ in the States availablo for investment. Mr. Fisher said he.was prepared to disk cuss tho question of management: ■ After Mr. Fisher had answered a num- ' ber of queries, tho discussion wag adf journed. i Resolutions wero carried appointing a j committee to inquire regarding the questions of double income tax, and bringing tho various States' company laws into accord with tho British law. It was decided to further investigate the question of daylight; saving. J Tho Federal Government is .to bo ' asked to appoint a Eoyal Commission to • inquire concerning the carriage of Aus- • tralian produce to Britain and foreign I countries and its disposal when there. A NEW PROPOSAL. , (Eec. January 22, 0.30 a.m.) Melbourne, January 21. The Premiors' Conference discussed Mr. Fisher's Savings Bank proposals at length, yesterday. Mr. M'Gowen, Premier of Now South ' Wales, said lid, believed tho Common- ' wealth Bank would be of material interest to the States' future development. Ho " suggested that tho Commonwealth should be allowed to have twenty-five per cent, of the States' Savings Bank's new business on loan for, say, five years. Mr. j Fisher would thereby be able to finance . the Commonwealth, and need not establish a Commonwealth bank. , The discussion was unfinished when the conference adjourned until Monday.'