NATIONALIZED BANKS
NO COMPENSATING BENEFIT. BANKER’S VIEWS. (United Press Assn.—Telegraph Copyright.) (Rec, 11.55 a.m.) London, January 25. At a meeting of the Midland Bank, Limited, the chairman (the Rt. Hon. Reginald McKenna), referring to the proposal to nationalize banks, said there was no compensating benefit to set against the grave evils which must arise if all banking power were concentrated under one hand; a monopoly would still be a monopoly, even though under direct State management and control. Replying to the allegation that the banks were making excessive profits, Mr McKenna said he doubted if the dividends paid amounted to as much as 5 per cent, on the accumulated funds belonging to shareholders.
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Bibliographic details
Southland Times, Issue 22490, 26 January 1935, Page 5
Word Count
113NATIONALIZED BANKS Southland Times, Issue 22490, 26 January 1935, Page 5
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