Banking News.

Nelson Evening Mail, Volume XXVII, Issue 125, 29 May 1893, Page 2

Banking News.

Melbourne, May 28. At a conference of Premiers, comprising Victoria, New South Wales, and South Australia, it was agreed that recent events required that laws should be enacted with respect to banking in the Colonies. |Furtlier, that a State National Bank aa popularly uuderstood waa not required, buj that banks should be subjected to conditions and restrictions somewhat similar to Nat* ional Banks in America These conditions should require a deposit of bonds of the Colony, or coin in the Treasury, as against the note issue ; which the Government should guarantee ; inspection by Governmens officials of the General business of the Banks ; that deposits not bearing interest should be a first charge on assets ; and that the Governments should have authority to interpose in the event of a finan. cial panic. It waa arranged that the Premier of South Australia should draft a Bill to be submitted to the other Colonies. With regard to the legislation adopted by New South Wales in connection with freeing current accounts in the suspended Banks, the Premiers of Victoria and South Australia hoped that the speedy reconstruction efforts, combined with private enterprise, would relieve the other colonies of the necessity of enacting similar legislation to New South Wales. It was agreed that Savings Banks be under the control of the Government

The question of International Freetrade was discussed, bnt further consideration was deferred. The Conference was closed.