BANKING PRACTICE
BENEFITS OF AMALGAMATION. EVIDENCE AT MELBOURNE. A MANAGER’S OPINIONS, (United Press Association—By Electric Telegr ap h. • —Copyright.) Received February 13, 8.5 a.m. MELBOURNE, Feb. 13. > Giving evidence before the Banking Commission, .Mr L. J. McConnen, chief manager of the National Bank of Australasia, Ltd., said that, although the the number of trading hanks iiad been reduced from 21 to 10 since 1917, there had been no diminution in the competition as the number of branches had been increased from 2186 to 3086 in the ten years since 1920. That rate of expansion was much in excess of Australia’s economic development. Mr McConnen emphasised that since the amalgamations, the greater banks had been able to give far greater efficiency and had installed additional conveniences beyond the means of the absoroed hanks. The increased efficiency was - chiefly exemplified in the widespread nature ot the larger banks’ business, enabling the system to derive greater advantages from seasonal differences in the ebb and flow of the hanks’ funds throughout Australia; also, .it had enabled a better and wider merging of the- industrial demand for funds with the fluctuating rural demand.
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Bibliographic details
Manawatu Standard, Volume LVI, Issue 64, 13 February 1936, Page 7
Word Count
188BANKING PRACTICE Manawatu Standard, Volume LVI, Issue 64, 13 February 1936, Page 7
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