THE COMMONWEALTH BANK
THE BILL OUTLINED. ONE SAVINGS BANK FOR AUSTRALIA. By Cable—Press Association—Copyright. Melbourne, November IS. In the Federal Itouse of Representatives, in moving the second reading of the Commonwealth Bask Bill, Mr. Fisher stated that the capital of the bank would be £1,000,000. It would not have power to issue bills payable on demand, ae the Government intended to continue the Australian notes. The Governor would have absolute control, even an autocrat's power. That was better than it board which did nothing but draw salaries. The important matter was the guarantee of the Commonwealth to depositors' credits. He thought the passing of the Act would mean'ultimately that there would be only one Savings Bank in Australia.
Replying to a question, if the bank was necessary, he declared: "Yes. Last year four banks made a profit of £1,170,000." Under those circumstances he thought there was an opening. The debate was adjourned.
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Taranaki Daily News, Volume LIV, Issue 125, 17 November 1911, Page 5
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152THE COMMONWEALTH BANK Taranaki Daily News, Volume LIV, Issue 125, 17 November 1911, Page 5
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