STATE CONTROL OF BANKS

Press, Volume LXXXIII, Issue 25271, 25 August 1947, Page 7

STATE CONTROL OF BANKS

OPPOSITION TO PLAN IN AUSTRALIA

(Rec. 7 p.m.) SYDNEY, August 23. The general managers of Australia’s trading banks, at a meeting in Melbourne decided to fight the Federal Government’s bank nationalisation scheme.

The general manager of the Bank of New South Wales (Mr T B. Heffer) said that the discussions at the meeting covered: (1) the effect of the proposals on the community life of the country;

(2) the difficulties facing the 1,500,000 Australians who prefer their financial affairs to be in the hands of the trading banks; and (3) the upheaval threatening the 20.000 trading bank officers.

Mr Heffer said the Government’s plan to establish a monopoly bank could be regarded only as an advanced step to regiment and control the individual way of life. He added: “The banks will play their full part in the nation-wide effort to combat the Government’s proposal.”