TRADING BANK SYSTEM DEFENDED
SERVICES PROVIDED FOR THE PUBLIC
EVIDENCE TO AUSTRALIAN COMMISSION
(Received February 15, 1.20 a.m.) MELBOURNE, February 14. Mr L. J. McConnen, chief manager of the National Bank of Australasia, continuing his'evidence before the Banking Commission, gave reasons why the Australian trading banks would not favour the formation of hew banks in Australia or the establishment of branches of foreign banks. , , ~ Many years of difficulty, he said, must be faced before a foreign bank could establish itself. Foreign banks were not prepared to provide th? general range of services offered by the Australian banks, which were carried out sometimes at a loss. Mr McConnen • claimed that the trading banks system had'the. con-, fidence of the public throughout a time of crisis, and during recovery. Also, the reduction of interest rates had had a considerable effect in mitigating the effects of the depression. Replying to a question about future interest rates, Mr McConnen said he considered the tendency nf interest rates was to harden. He did not think this would be undesirable.' *
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Bibliographic details
Press, Volume LXXII, Issue 21708, 15 February 1936, Page 15
Word Count
174TRADING BANK SYSTEM DEFENDED Press, Volume LXXII, Issue 21708, 15 February 1936, Page 15
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