FEDERAL FINANCE

Hokitika Guardian, 28 July 1931, Page 3

FEDERAL FINANCE

N.S.W. SAVINGS BANK. (Australian Press Association.) SYDNEY, July 27. The negotiations for the Commonwealth Bank’s absorption of the NewSouth Wales Government Savings Bank suddenly terminated this afternoon, when at 3 p.m., the Lang Cabinet laid failed to communicate its decision, if any, upon the proposed acceptance or otherwise upon the terms laid down by. the Commonwealth Bank. The New South Wales Cabinet sat throughout the day, ostensibly to deal with this question, and in the ordinary course of events, the Cabinet should have achieved finality by noon, when the Commonwealth Bank’s time limit expired. PAYMENTS TO STOP. COMMONWEALTH BANK DECISION. SYDNEY, July 27. Mr E. C. Riddle, Governor oi the Commonwealth Bank, states that, since his announcement in which he terminated the merger negotiations, he had received a letter from Mr Lang, which he placed before the Commonwealth Bank Board in due course'. Mr Riddle pointed out that, so far as he could see, the letter of Mr Lang, was unlikely to alter the decision for the ending of the' negotiations. Meantime, he added, there would be no lurther payments from the Commonwealth Bank funds to necessitous depositors in the New South Wales State Savings Bank. The sum already paid to them (amounted' to one million and a-hall sterling. Mr H. D. Hall, the President of the State Savings Bank, said that the necessitous payments had ceased to-day at three o’clock. VICTORIAN MINISTRY. \ STANDS BY THE PLAN. MELBOURNE, July 27. Despite the opposition shown at the Week-end Conference of the Victorian Branch of the Australian Labour Party to the rehabilitation plan, Mr Hogan’s Government has announced -that it is, going ahead with the Bills for . giving effect to the Premiers’ Conference Rehabilitation Plan.