BANKING ISSUE IN AUSTRALIA

Grey River Argus, 5 November 1949, Page 5

BANKING ISSUE IN AUSTRALIA

SYDNEY, Nov. 4 The Federal Postmaster-General, Senator Cameror. staled: “If the Federal Labour Government is returned at the forthcoming elections, Ihe private banks will be beaten down to acquiesce in a reasonable policy.’’ He said this will be acchieved as a result of fair competition from the Commonwealth Bank. If the Liberal Party became the Government, the Labour-controlled Senate would prevent the establishment of a Commonwealth Bank Board, as threatened by the Leader of the Liberal (Mr R. G. Menzies). Senator Cameron said that, if a Bank Board were brought into being again, the Commonwealth Bank would- be forced to adopt the private banks’ policy of maximum profits and minimum costs. The development of industry inevitably meant national control of banking. Senators ar e elected for six years, and voting takes place on half the Senate seats every three years. The present Labour majority in the Senate is such that a defeat n the December elections is regarded as impossible.