ORDER SOUGHT

Otago Daily Times, Issue 26621, 18 November 1947, Page 5

ORDER SOUGHT

TRADING BANKS ACT IMPLICATIONS OF FEDERAL BILL Rec. 9 p.m. SYDNEY, Nov. 17. The Sydney trading banks combined in issuing a High Court writ in Sydney to-day to restrain the Commonwealth Government from acting under the Banking Bill should it be passed by Parliament. When informed of the move, the Prime Minister, Mr J. B. Chifley, who is in Canberra, declined to comment. Mr Justice Dixon, who sat during the luncheon hour*, gave the banks leave to serve at short notice on the defendants for an interim injunction. The proceedings will be heard on Wednesday. The injunction will seek to restrain the defendants from issuing notices to acquire the shares of the trading banks, replace their directors, or take over the business of the trading banks. The defendants named in the writ are the Commonwealth, the Federal Treasurer, Mr Chifley, and the Commonwealth Bank. The trading banks named as plaintiffs are the Bank of New South Wales, the Commercial Banking Company of Sydney, the National Bank of Australasia, Ltd., the Queensland National Bank, Ltd., the Commercial Bank of Australia, Ltd., the Bank of Adelaide, the Ballarat Banking Company, Ltd., and the Brisbane Permanent Building and Banking Company. Ltd. The solicitor for the banks referred to a statement by the Government spokesman, who said he saw no reason why the notices should riot be issued by the trading banks immediately the Bill was assented to. He also mentioned the forecasts that the Bill might pass the Senate on Wednesday night.