HOW ARE YOU, BROTHER?

Dominion, Volume 5, Issue 1357, 7 February 1912, Page 3

HOW ARE YOU, BROTHER?

AN UNCONVENTIONAL MINISTER. in?. O'XIAI.LEY ON HIS BANKING SCHEME. "How are you, brother? And how are all the boysl-" Mr. King O'Malley, the Minister for Home Affairs, who arrived from Melbourno yesterday (says tho "Sydney Herald" of JiiQuary IS), thus greeted a reporter who ciilldd upon him to ask what was doing. All are brothers with Mr. O'Malley, especially the lift boy and othor attendants. Yesterday ho "was in his shirt sleeves and opened a conversation by remarking in characteristic style, "We are still tho advance guard of Christian civilisation, and the Home AiVairn Department is working on the modern intiex, billing, labelling, awl ilockctiug system."

Hγ. O'Malley's juxtaposition of Christianity and commercialism, hw undying affection for all and sundry, his genial methods of tackling all manner of diflicult problems with the air of one who has forgotten more than anyone else ever learnt, his knowledge.of the exact specific for all human ills, political, commercial, industrial, and social are all wellknown, and generally not disputed. Asked if he; could enlighten tho public on any of the matters that come withm his particular spliero, he said, "Supposing we let 'tin have something about this great tanking scheme?" and he proceeded to dictate the following:—"The Premiers' Conference took a step forward in tho direction of eventually becoming partners in the Commonwealth banking system. There is no doubt that in a debtor country like Australia, where, in tho next lew years many millions will be falling due, and which will' bo necessary for reconversion, it. will be most important to the States to have a branch of tho bank in London, and to be partners in the bank, wjiereby each State will be enabled to have credits on the ledger and meet their obligations, aud pay off their lioiitihohlcrs without being forced, as they .ire at present, on to the markets in open competition with each other raising the rates of interest, discount, mulonvri tings, bank commissions, aud miscellaneous charges." Continuing, Mr. Malley said that the Commonwealth Bank would attend to all these things for the States, and whenever there was a glut or congestion of money in tho London market, as happened at certain seasons, the Commonwealth Bank would ho ablo to secure, on advantageous terms all the money necessary for the reconversion of loans without, increasing the rate of interest, and could allot it to tho Mates, issuing new Commonwealth bonds to replace the bonds of tho six Australian States, which ivould eventually mean n Commonwealth Government 'stock, the samo as Canada had, the StatH stocks disappearing as they had in that Doimniou. "One more thing I want to say. The Brisbane Conference of 1908 adopted my tanking scheme." Drawing from his pocket a cony of the original Bill, ho pointed to a clauso referring_to a "National Postal Bank," and eaid:—"That was my proposition— a national postal bank, which meant that a commercial bauk was to bo grafted on to tho savings banks, but they were to be npnratod separately, the same as the Bank of England's issue and commercial departments are, by a board of management, with a comptroller-general, representing the Commonwealth, and one representative from each of the subscribing .State*, tho governor!) having llic casting vote. "And now, my Christian friend, you must dnpart. Tlmro aro others waiting to sen 'The King.' " This is one of .Mr. OWlnlley'.-i old jokes. "What about Iho transcontinental railway I-" queried tho reporter as ho was leaving. "Ah, yes. 1 can give, yon a line about that. Wo aro making a start with it next week liy laying down a siding at Kalgoorlie, and probably another at Port Augusta, at tho South Australian end, and as soon as the question of the amount of land we require is satisfactorily settled wo'il go ahead. Farewell, comrade, farewell!"