BANK BILL PASSED

Dominion, Volume 38, Issue 232, 28 June 1945, Page 7

BANK BILL PASSED

Winding Up Of Debate At

Canberra (Received June 27, 8 p.m.)

CANBERRA, June 27

The exorbitant rate of interest charged by the banks before and during the depression was one of the greatest abuses of the monetary system in Australia’s history, said the Federal Treasur er, Mr. Chifley. winding up the debate of the second reading of the Banking Bill. The Bill was carried by 34 votes to 14. Mr. Chifley added that the rates chare ed bv the banks on the Treasury bills used to finance the last war were fabulous. The rate now paid was one aud a half to one and three-quarters per cent., compared with 6 per cent, paid in the last war. “I hope to force the general interest rates down much lower,” declared the Minister. The Leader of the Opposition, Mr. Menzies, had raised the question of the nosition of pastoral finance companies While licences would be issued automatically to trading banks, said Mr. Cbifley, an investigation would be made before licences were issued to other organizations. The investigation would determine whether such organizations were doing banking business or not. Important considerations would be the interest rates charged aud the rates paid on deposits.