Commonwealth and State

Horowhenua Chronicle, 23 November 1931, Page 3

Commonwealth and State

ARRANGING BANK MERGER. depositors” to get SAVINGS Received Sunday, 11.59 p.m. SIDNEY, Nov. 22. Sir Robert Gibson, chairman of the Commonwealth Bank Board, and Mr, O’Malley Wood, president of the New South Wales Government Savings Bank, jointly announce that an agreement has been reached for the amalgamation of the two banks. The approved terms provide for immediate relief to old de* positors of. the sayings bank to the ex* tent of 10 . per cent; of their deposits, and to. fixed deposits'in the Rural Bank. Current accounts in the latter bank are to be immediately available for. normal business drawings. The Commonwealth Bank Board intends to make available at the earliest possible date the whole of the old depositors’ balances. The interest obligations are to be revised and brought into line with the objectives of the Premiers’ conference and the national eon-, version loan. The period of the repay-., ment of the State Treasury obligations to the savings bank and to the rural bank are to be extended. The opinion is expressed that it is. desirable that the Commonwealth, should eventually endeavour to mater* ialise a national savings bank, in the . administration of which each State, should be represented, such a bank to be linked with the central banking institution. i The agreement requires the approval of the State Government and the. Commonwealth Treasurer, as well as ratification by the State Parliament.