BANK MERGER

Hokitika Guardian, 2 September 1931, Page 5

BANK MERGER

N.S.W. SAVINGS BANK. (Australian Press Association.) \ SYDNEY, September 1. The Commissioners of tlte reeon- \ strutted New South Wales Savings Bank have decided to convert the banks’ securities, amounting to £29,477,000, of which £24.991,000 is represented by State securities. EFFECT OF BANK MERGER. SYDNEY, September 1. Although adjustments of the diofc' reetorates, tlie staff and tlie building arrangements have yet to be made, it is expected that one result of the merger of the Bank of New South ss n njes and the Australian ißank of \ Commerce, Limited, will be a- ccnsidv erable economy in overhead expenses. Mr A. C. Davidson, General 'Manager of the Bank of New South Wales said that no definite date for amalgamation had yet been fixed, but it would be consummated at, an early ( date. It is intended, after the completion of the merger, that the banks shall operate as one institution. The Australian Bank of Commerce had 39 city and 87 country branches' in this State. It has also' operated in Queensland, where it had 23 branches, and it also had a few' branches in | • the other States, 1 “ The bank paid ft steady dividend '■ of eight per cent.'until June, 1929, t '"“when the rate was reduced to seven per cent, in 1930, and it was four per cent, for the last financial year, BAKiK THAT FAILED. ALLEGED CONFIDENCE TRICK. SYDNEY, September 1. In the Legislative Assembly, the Labourite, Mr Stuart Robertson, directed -attention to tlie statement that the Primary Producers’ Bank, which failed last week, had accepted deposits' from small traders up to - p.m. on the day that it closed. He described this as a “confidence trick.” [ Hon. Mr Lamoro, Attorney-General replied that he would call for a report f and see whether action could be talcI en. . - A\ N.S.,W. SAVINGS BANK. v SYDNEY, September 1. The State Saving Bank will reopen next Monday. Mr D. H. Hall, who • was president of the bank at the time of closing, will carry out tlie duties of general manager. , According to an official announcement, the commissioners have power to negotiate with the Commonwealth Bank in regard to the question of abi sorbtion, if that course is deemed nec- ] essary.