SECOND READING PASSED
CANBERRA, Nov. 12. The Commonwealth Governments Bank Nationalisation Bill passed its second reading in the House of Representatives late last night, the • votin,, be The 4 final speaker ° n the second reading was the Prime Ministei, Mr Chifiey, who claimed that the Government had no animosity against those who had been employed in private banks. There were men of very high capabilities associated with private banks, and he had a great deal of cgard for the assistance they had gnen whenever the Government had called on them. Mr R. G. Menzies, Mr Chifiey stated, had said that Sections 18 to 22 of the existing Banking Act were not challenged in the Melbourne City Council case, but the council s statement of claim said that the whole of the Banking Act, 1945, was beyond the powers of the Commonwealth Parliament. . The reasons for taxation concessions to banks voluntarily making an agreement with the Commonwealth was to place English shareholders whose shares could not be compulsorily acquired on the same tax basis as Australian shareholders.
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Bibliographic details
Otago Daily Times, Issue 26617, 13 November 1947, Page 7
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176SECOND READING PASSED Otago Daily Times, Issue 26617, 13 November 1947, Page 7
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