PREMIERS' CONFERENCE.

Taranaki Daily News, Volume LIV, Issue 174, 22 January 1912, Page 5

PREMIERS' CONFERENCE.

BANKING SCHEME EXPLAINED. By Oable—Press Association—Copyright. v Melbourne, January 20. Mr. Fisher attended the Premiers' Conference and explained the Commonwealth proposals to the States with regard to the Commonwealth Savings Bank. The Commonwealth did not intend to exclude the States from the bank, but was prepared to make them partners on the basis of the Stateß supplying a portion of the capital, not exceeding onehalf, and becoming responsible for. the liabilities and sharing the profits in proportion to the capital subscribed. Each State would use the bank as far as practicable as its bankers, the Commonwealth to take over the States savings banks, the States to have the first call on any loans to repay the savings banks' existing loans, also to have the first call upon threo-quarters of the deposits in the States available for investment. Mr. Fisher said he was prepared to discuss the question of management. After Mr. Fisher had answered a number of queries the discussion was adjourned and resolutions carried appointing a committee to enquire into the questions of double income tax, bringing the company laws of the various States into accord with British law, further investigation of the question of daylight saving, asking the Federal Government to appoint a Royal Commission to enquire into the carriage and disposal of Australian produce in Britain and foreign countries.

Received 22, 1 a.m. Melbourne, January 21. The Premiers' Conference lengthily discussed Mr. Fisher's savings bank proposals. Mr. McGowen believed the Commonwealth Bank would be of material interest to the State in their future development. He suggested the Commonwealth be allowed to have 25 per cent. of the States' savings banks' new business, on loan for say five years. Mr. Fisher would thereby be able to finance the Commonwealth, and need not establish a Commonwealth bank. The discussion is unfinished, and the Conference adjourned till Monday.