STATE SAYINGS BANK

Manawatu Standard, Volume IV, Issue 221, 19 August 1931, Page 7

STATE SAYINGS BANK

PROVISION FOR REOPENING.

NECESSARY LEGISLATION

MEETING OF DEPOSITORS AT SYDNEY.

(United Press Association By Electric Telegraph.—Copyright.) Received August 19, 9.40 a.m. SYDNEY, Aug. 19. Tho Bill to provide for the reopening of tho State Savings Bank has been approved of by the Parliamentary Labour Party and will be introduced in the Legislative Assembly to day. It was announced to the Caucus that the following were expected to accept the Government’s offer of appointment as trustees of the bank: — Sir Hugh Denison (chairman). Sir Clifton Love. Sir William Vicars. Mr O’Malley Wood. Tho name of F. E. Bryant was given as a likely fifth. One hundred people were unable to gain admission to a meeting of depositors at tho Town Hall last evening. Tho meeting expressed themselves in favour of Commonwealth as opposed to State control of the bank, and after forming a Depositors’ Association the meeting broke up in mild disorder.

CONVERSION OPERATION,

SPLENDID RESPONSE. MR SCULLIN PLEASED. Received August 19, 8.40 a.m. SYDNEY, Aug. 19. Tlie value of tho bond holdings already converted in accordance with the rehabilitation plan is £225,000,000. Tho Prime Minister, Mr J. H. Scullin, is extremely pleased at the splendid response of tho bondholders. He anticipates that the conversion operation will be nearly 100 per cent, successful.

A message from London states: In contrast with tho dullness of British funds, Australian issues showed rises of one or two points, undoubtedly due to the increasing confidence inspired by tho favourable reports of tho conversion operation.