MERGER OF BANKS

Dominion, Volume 24, Issue 288, 1 September 1931, Page 9

MERGER OF BANKS

Bank of N.S.W. Issues 64,000 Shares i EXCHANGE ARRANGED By Telegraph—Press Assn. —Copyright. (Bee. September 1, 1.15 a.m.) Sydney, August 81. It was announced to-night that the Australian Bank of Commerce, Ltd., was merging with the Bank of New South Wales, the latter to Issue a further 64,000 shares of £2O each for the purposes of the merger. As the paid-up capital of the Australian Bank of Commerce is £2,208,000 in shares of a pound each, the shareholders in that bank will receive two shares in the Bank of New South Wales for each 69 shares in the Australian Bank of Commerce. • SHUT SAVING BANK Meeting of Commissioners PLANS FOR A REOPENING (Bee. August 31, 7.30 p.m.) Sydney, August 31. The New South Wales Savings Bank Commissioners whose appointments are stated to be for twelve months, met to-day to consider ways and means of re-opening the bank. Mr. O’Malley Wood was elected president and Sir John Butters vicepresident. ' The New South Wales Savings Bank will reopen next Monday for the transaction of new business, the receipt. of new deposits, and for payments arising out of the new deposits. (By Badio per Mr. I. M. Levy.) REHABILITATION PLAN Accepted by Labour Party CUTS OPPOSED, HOWEVER Melbourne, August 31. By 22 votes to 13, a special Federal conference of the Australian Labour Party agreed to a composite resolution, embracing several independent proposals, which, although they expressed hostility to the provisions of the Financial Emergency Bill, recognised that the rehabilitation plan bad to be accepted. The conference directed, however, that any future attempts to bring about reductions in wages, pensions, and social services must be resisted by nil Labour members. _