BANK'S AID.

Auckland Star, Volume LXII, Issue 209, 4 September 1931, Page 7

BANK'S AID.

AUSTRALIAN BUDGETS.

Further Assistance Given And Economies Called For.

MR, LANG'S PROMISE.

United P.A.—Electric Telegraph—Copyright)

(Received 10 a.m.) MELBOURNE, this day. The Premiers' Conference sought the aid of the Commonwealth Bank Board in solving its problem of how to meet the aggregate deficit of £18,500,000, which is nearly £3,500,000 above expectations owing to the collapse in revenue of the various Governments since the last Premiers' Conference. It was then expected that the aggregate deficit would be £15,000,000, or thereabouts. The' Bank Board, while pointing out that it was. impossible to finance the extra £3,500,000, stated that it was prepared to find £1,600,000 of it, leaving it to the various Governments to find the balance, either by increased revenue or decreased expenditure. Mr. .J. T. Lang, on behalf of New South Wales, agreed to make further puts in expenditure, amounting to £590,000.

BILL DENOUNCED.

Attack on Lang's Arbitration

Measure.

"ONE-SIDED" LEGISLATION. SYDNEY, September 3. The Select Committee of the Legislative Council, which inquired into the bill t6 amend the' Arbitration Act, which is now before Parliament, reports that the bill is a most one-sided piece of legislation. ' It is saturated with Soviet principles, is 'reeking with flagrant injustices and therefore would have'a most" disastrous effect on all industries. The committee recommends the exclusion of all rural workers and domestic servants from the scope of the bill and also 6ther amendments in the direction of enabling industry to function as far as possible normally. The' report adds: "It would be absolutely futile to expect a revival of industry under the provisions of. this bill."

BANK MERGER.

ECONOMY MEASURE.

(Received 10 a.m.)

SYDNEY, this day.

The Australian Bank of .Commerce, in a circular to its shareholders, declares that the proposed merger with th 6 Bank of New South Wales was arrived at "owing to the general outlook as we saw it, and owing to the reduced turnover in all financial transactions which is likely to operate for the next few years, these factors precluding the likelihood of substantial profits on the shareholders' funds." ;""

The board also took into consideration the benefits to be derived by the abolition of overlapping in banking facilities'in places where two banks have been established. The terms of the merger will be submitted to a separate extraordinary meeting of the shareholders of the banks on September 15.