AUSTRALIA
[BY CABLE—PRESS ASSN. —COPYBIGHT.] LABOUR PARTY. SYDNEY, August 29. The New South Wales branch of the Federal Labour Party has adopted a new policy for the nationalisation of banking, and. the Party will fight the next-election upon this-, issue. The policy adopted is one that pro. vides for the compulsory acquisition of all of the private banks with compensation to the shareholders, and the conversion of all of the banks into a Commonwealth-owned banking service. The shareholdings in all banks would be converted, at a fair valuation, into interest bearing securities, chargeable against the nationalised bank.
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Greymouth Evening Star, 30 August 1932, Page 5
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97AUSTRALIA Greymouth Evening Star, 30 August 1932, Page 5
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