The Bankers' Conference
Tlte Proposed! Mill. Melbourne, June 26 As the outcome of the recent Bankers' Conference, it is expected that the BUI, whe.i drafted, will prin cipally deal with the note issue. The existing issue by Banks is to be given up, and the Government note issue be controlled by a commission, partly nominated by the Government, and partly by the Banks. The Banks are to provide coin against the issue, of which 70 per cent will be invested in colonial 4 per cents, and 30 per cent will be retained. The gold issue will be allocated to the Banks in proportion to the existing issues and deposit liabilities, and notes are to he a legal tender exchangeable for gold at the chief offices of the Banks. Emergency issues will be allowable on the deposit of 20 per cent of coin and 80 per cent of approved Government securities. The profits derived from investments in stock after deducting expenses of management are to be divided equally between the Banks and the Government,
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Bibliographic details
Ashburton Guardian, Volume XVII, Issue 3615, 27 June 1895, Page 3
Word Count
173The Bankers' Conference Ashburton Guardian, Volume XVII, Issue 3615, 27 June 1895, Page 3
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