State Bank for Victoria.
O (Per Press Association.) Melbourne, Novr. 8. The report of the Banking Commission states the evidence collected from various sources shows it is desirable in the interests of the country that a State Bank should be established, and, as a first step towards this end, the Commission suggest the amalgamation of the Post Office and Savings Banks. The partial application of the credit fancier system has proved inadequate, the terms precluding a great majority of farmers from obtaining relief. The report strongly urges a more comprehensive application of this system, and makes a number of suggestions as to the management and issue of loans. It recommends a State Bank should have the exclusive right to issue notes which should be a legal tender within the colony excepting on the issue department, where it should be compulsoory to pay gold for all notes presented, the reserve of gold to be 25 per cent of the whole note issue. The profits of the bank should go towards the reduction of the public debt. The Commission think abundant safeguards could be provided to ensure the maintenance of the value of the State notes.
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Bibliographic details
Feilding Star, Volume XVII, Issue 112, 8 November 1895, Page 2
Word Count
194State Bank for Victoria. Feilding Star, Volume XVII, Issue 112, 8 November 1895, Page 2
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