BOARD'S PROPOSALS
TO AFFOIID BELIEF
LANG ACCEPTS
(Received 23rd April, 11 a.m.) .SYDNEY, This Day. A summary of the proposals put forward by the Commonwealth Bank Board for affording temporary relief to Government Savings. Bank depositors in necessitous circumstances ■follows:— That the ' Government Savings Bank shall, hypothecate'to the Commonwealth Bank such securities as the latter may require to cover such advances as may foe made to depositors. : That the Commonwealth Bank shall be expressly made a preferential creditor in respect of such advances. That upon production of depositors' passbooks to the Government Savings Bank all sums paid to depositors, together with interest and other charges, shall be repaid to the Commonwealth Bank. That the New South Wales Government shall guarantee all advances so made on behalf of the State Savings Bank. ' . ' The Premier, Mr. Lang, announces that these proposals have been approved. '■'■'.. Mr. Lang stated that the necessary legislation for handing the State Bank over to the Commonwealt v would, if possible, bo carried through all stages on Tuesday. . : ■:■
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/EP19310423.2.66.5
Bibliographic details
Evening Post, Volume CXI, Issue 95, 23 April 1931, Page 11
Word Count
169BOARD'S PROPOSALS Evening Post, Volume CXI, Issue 95, 23 April 1931, Page 11
Using This Item
Stuff Ltd is the copyright owner for the Evening Post. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in