The Victorian State Bank Scheme .
(Per Press Association.) Melbourne, October 26. Tho State Bank Bill has been fairly launched. The Premier, in moving the second reading, explained that the main features, besides the amalgamation of the banks, were the guarantee by the Government of the Savings Bank deposits and providing advances on the credit foncier system to agriculturists and pastoralists at 4|- per cent repayable with principal and interest in 73 halfyearly payments. The Bank is to be under the control of commissioners and inspectors. General advances are to be of the minimum amount of £'50, and the maximum £2000. The State Bank is to have the exclusive right of note issue, which is limited to £2,000,000, with power to the Governor-in-Council to increase. In regard to finances, the Premier said the Government have command oi £1,800,000 gold reserve, while £1,400,000 at 3 per cent would return £42,000. It was estimated £15,000 would be obtained on current accounts, making altogether £60,000, which could meet the Bank expenses and any loss.
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Bibliographic details
Feilding Star, Volume XVIII, Issue 102, 27 October 1896, Page 2
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170The Victorian State Bank Scheme. Feilding Star, Volume XVIII, Issue 102, 27 October 1896, Page 2
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