SOUTH AUSTRALIAN STATE BANK.
AN UNFAVOURABLE -REPORT. Received Decern! er 9, 11 a.m. ADELAIDE, December 9, The re k ort of the Select Committee of the Legislative Council on the working of the State Bank finds that (ha methods of working are neither in accord with the spirit, intention, or letter of the Act, and are open to the gravest censure. These methods have rendered the Government's guarantee of repayment of bonds a delusion and a snare, and the effect of the bank's action has been practically to convert the bonds from terminable securities to interminable annuities.
The report recommends that the present method of issuing bonds should cease
The Government is malcine no further advances pending Parliamentary consideration, and a conference with the bondholders with a view to arriving at an amicable settlement.
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https://paperspast.natlib.govt.nz/newspapers/WAG19091210.2.25
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Wairarapa Age, Volume XXXII, Issue 9672, 10 December 1909, Page 5
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134SOUTH AUSTRALIAN STATE BANK. Wairarapa Age, Volume XXXII, Issue 9672, 10 December 1909, Page 5
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