BANKING REFORM

Grey River Argus, 23 March 1945, Page 3

BANKING REFORM

AUSTRALIAN BILLS. AN OPPOSITION CRITIC. (Rec. 11.10). CANBERRA, March 22. In the House of Representatives to-day, the Leader of the Country Party, Mr Faddep, moved that the Commonwealth Bank Bill be withdrawn and redrafted. He asserted that controls embodied in the legislation submitted by the Government would make black market finance an Australian institution, and would lead ultimately to a contraction in Australia’s trade with the rest of the world. The Government’s legislation would replace the Commonwealth Bank Board by a Governor of the Bank. He would be dictated to by financial experts of the Australian Council oi Trade Unions. In the past, Australian industry had had an advantage in a number of banks actively competing to give the best possible service. Industry would be hampered by -the disappearance of this system. He said; “Politicalisation of banking, not.nationalisation, is the real 'intention behind the present legislation Straight-out nationalisation would have'been far more honest. Nothing ‘can be much clearer than that the Government, by means of the proposed legislation, intends to kill trading banks by slow strangulation.” The debate is continuing.