BRITISH BANK MERGERS

Otago Daily Times, Issue 17322, 23 May 1918, Page 5

BRITISH BANK MERGERS

POSSIBLE DANGERS PEAKED. SUGGESTED STATE CONTROL. Press Association—By Telegraph—Copyright. Australian and N.Z. Cable Awotrtattom. • ■ LONDON, May 21. The Treasury Committee reports thai the possible dangers from further large bank amalgamations outweigh the arguments against Government interference, and some measure of Government control' is essential. The committee recommends legislation requiring that the Government's approval be obtained prior to any amalgamation or for the purchase of another bank's shares.

Throe important bank amalgamations all tranking among tho largest in the history « of banking, were announced in the United - Kingdom in the early part of this year.V On March 5 the Chanoellor of the Ex-y ; ; chequer stated in the House of Commons y that a committee had been appointed "to ,; consider and report to what extent, if at i nil, amalgamation between banks may affect prejudicially the interests' of the industrial and mercantile community, and whether it is desirablo that legislation should be intra- f, ducod to prohibit such amalgamation or tO',l provide safeguards under which they might | continue to be permitted.'' '•