LEGISLATION ON BANKS

Press, Volume XCVII, Issue 28774, 20 December 1958, Page 8

LEGISLATION ON BANKS

Reintroduction In Australia

(N.Z. Press Association—Copyright) CANBERRA, December 17

The Australian Government will reintroduce its banking reform legislation during the first session of the new Federal Parliament early next year. This was announced today after a meeting of the new Cabinet which discussed the banking legislation. An official spokesman said the legislation would be in the same form as that in which it had been passed by the House of Representatives earlier this year but rejected by the Senate. Senators of the Australian Labour Party combined with Democratic Labour Party Senators to defeat the Government’s banking legislation twice this year. In the November electiqns the Government gained a working majority in the Senate for the first time since 1955.

The spokesman said the main effects of the legislation would be to separate the Central Bank, from the present Commonwealth group of banking institutions and to reconstitute it with the Rural Credits Department of the Commonwealth Bank as a reserve bank of Australia.

Surf Patrol Grant.— The Waimairi County Council has decided to make a grant to the Canterbury Surf Life-saving Association to cover the wages of a patrolman on Waimairi beach over the Christmas and school holidays.