RESENTMENT.
SOUTH AUSTRALIAN STATE BANK. By Telegraph.— Press Association.— Copyright, (Received December 10, 9 a.m.) ADELAIDE, This Day. Officials of the State Bank strongly resent the Select Committee's report as to their methods of working. They claim that there was no ground for the findings of the committee. The committee found that the methods of working were neither in accoj-d with the spirit, intention, or letter of the Act, and were open to the gravest censure. These methods, it is said, have rendered the Government's guarantee of repayment of. bonds a delusion and a snare, and the effect of the bank's action has been practically to convert the bonds from terminable securities to interminable annuities. The report recommends that the present method of issuing bonds should cease. The Government is making no further advances pending Parliamentary consideration . and a conference with the bondholders with a view to arriving at an amicable settlement.
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Bibliographic details
Evening Post, Volume LXXVIII, Issue 140, 10 December 1909, Page 7
Word Count
152RESENTMENT. Evening Post, Volume LXXVIII, Issue 140, 10 December 1909, Page 7
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