N.S.W. AFFAIRS

Manawatu Standard, Volume IV, Issue 222, 20 August 1931, Page 7

N.S.W. AFFAIRS

SAVINGS BANK LEGISLATION. PROVISIONS OF BILL. FIVE NEW OOMISSIONERS. (United Press Association—By Electric Telegraph.—Copyright.) Received August 20, 8.5 a.m. SYDNEY, Aug. 20.

Tlie Bill to provide for the reopening of the State Savings Bank was introduced in the Legislative Assembly yesterday and was read a first time.

The Premier and Treasurer, Mr J. T. Lang, introducing the Bill, made a strong point of tho fact that the Commissioners will be absolutely free from political control. Th'e measure provides for the retirement of the present Commissioners, and for five trustees, or Commissioners, to bo nominated by a majority of the judges of the Supreme Court. One Commissioner will hold office for seven years, two for five years and two for three years. The Governor, Sir Philip Game, will fill the vacancies.

All the deposits at present in the bank, together with the interest credited on July 1 last, will be deemed to be capitalised and will be repayable only at the option of the Commissioners, the repayments to be made by crediting a depositor with the amount in his account in the new business division.

The Commissioners aro empowered to give preference to the following classes of depositors: School savings bank accounts, special thrift accounts, accounts opened on behalf of friendly, charitablo or other societies or institutions, including trades unions, and to depositors whose deposits do not exceed £2O.

The new bank will deal with the old deposits and the new deposits separately, and the Commissioners will be empowered to decide the terms of repayment to the former depositors; also the extent of rationing, which necessarily will depend to a large extent on the progress made by the reconstituted bank and the restoration of public confidence. The Bill authorises the Commissioners, who will be appointed for a term of seven years, to raise £10,000,000 by debentures to carry on the business. TAX OF THE THRIFTY. SYDNEY, Aug. 19. Mr C. A. Jaques, speaking at the annual meeting of Australian Securities, Limited, condemned tlie staggering taxation. He said that the whole idea seemed to be to tax the thrifty in order to provide free services for those who would neither toil nor spin. The difficulties of the thrifty were accentuated by that execrable thing called “class consciousness,” which prevented people working side by side for tho common good, Mr Jaques added.