A NEW BANK.

Manawatu Standard, Volume XLI, Issue 9589, 5 September 1913, Page 3

A NEW BANK.

DERATE IN PARLIAMENT

(Pen Press Association.)

WELLINGTON. Sept. 4. In the House yesterday Mr A. M. Myers moved the third reading of th« Commercial Hank of Australia (Limited) Bill.

Mr D. Buddo welcomed the advent of another banking institution in New Zealand. He thought it would ho a great benefit to farmers and traders. Mr H. Ell (Christchuroh) said the advent of the hank was not going to help matters in the least. Did any one suppose that there was going to he any competition amongst the banks? Not the least chance of it. Tho rates of interest and all other charges would be the same, because there was a combination amongst the banks, as there was among all big financial institutions. Onr banking system was obsolete, and it was time tho State took up the question of currency and declared every bank note legal tender. Sir Joseph Ward said it had been predicted that the price of wool would fall, but he did not believe it. A man who had a few hundred acres and ran sheep was on the best wicket in the world. He had time and again looked into the matter of the State note issue, but he had some doubt as to the wisdom of adopting such a course as had been done in Australia. He thought it was practically impossible to establish a State Bank in this country. This country should establish a system of agricultural banks, which must bo concomitant to the putting of people on land.

Mr A. M. Myers said in regard to the note issue of the hanks operating in tlip Dominion that it totalled £l,714,510. and they hold gold and bullion, metals, etc., to the value of £5.0ir>.0.'57. The Bill was read a third time, sifter Mr Payne (Auckland) had railed for a division, which lapsed owing to his inability to secure a teller.