CONFERENCE OF PREMIERS.

Temuka Leader, Issue 2509, 30 May 1893, Page 2

CONFERENCE OF PREMIERS.

Melbourne, May 27. At the Conference of Premiers, comprising those of Victoria, New South Wales, and South Australia, it was agreed that recent events required that laws be enaoted with respaot to banking in the colonies; further that a State National Bank, as popularly understood was not required, but that the bank should be subjected to conditions and restrictions somewhat similar to those imposed on National Banks in America, These conditions should require a deposit by the banks of the colony of coin in the Treasury as against a note issue which the Government should guarantee; inspection by Government officials of the general business of the banks j that deposists not bearing interest should be a first charge on the assets ; and that the Governments should have authority to interpose in the event of a financial panic. It was arranged that the Premier of South Australia should draft a Bill, to be submitted to the other colonies. With regard to the legislation adopted by New South Wales, in connection with free and current accounts in the suspended banks, the Premiers of Victoria and South Australia hoped that speedy reconstruction efforts combined with private enterprise, would relieve the other colonies from the necessity of enacting similar legislation to New South Wales. It was agreed that savings banks should be under the control of Government, The question of intercolonial freetrade was disoussed, K "t further consideration \yag deferred. -»ab hast closed, The Conferee-