A STATE BANK.

Stratford Evening Post, Volume XXXI, Issue 63, 28 October 1911, Page 5

A STATE BANK.

t THE AUSTRALIAN PROPOSALS. Melbourne, October 27. The Commonwealth Bank Bill, to bo shortly introduced, provides that the capital of the bank is to be raised by the issue of bonds. An advance may be made by the Federal Treasurer from the consolidated revenue to enable the bank to defray the expenses incidental to establishing and raising sufficient capital to carry on. The money so advanced will be repaid by the bank, which will bo managed by a board of directors, consisting of the governor of the bank, the deputy-governor, and a director who will lie appointed by the GovernorGeneral. Half the net profits of the bank vidll be placed by the treasurer for redemption of bonds. If the funds exceed the amount of bonds in circulation, the excess may lie used for the redemption of Commonwealth debts or State debts taken over by the Commonwealth. The bank may invest money held by it in Government securities approved by the Federal Treasury, loans on hand security, or in any other prescribed manner. The board is empowered to establish a savings bank.