COMMONWEALTH STATE NOTES.

Stratford Evening Post, Volume XXXI, Issue 80, 16 November 1911, Page 6

COMMONWEALTH STATE NOTES.

MR. FISHER MOVES BILL’S SECOND READING. HELD HIGHLY NECESSARY. (Received 16, 9.10 a.m.) Melbourne, November 16. , In the House of Representatives, in moving the second reading of the Commonwealth Bank Bill, Mr. Fisher stated that the capital of the bank would be a million. It would not have power to issue bills payable on demand, as the Government intended to continue issuing Australian notes. The Governor would have absolute control. Evan this autocratic power was better than a board, which did nothing but draw salaries. An important matter was the guarantee of the Commonwealth to depositors’ credits. He thought the passing of the Act would mean ultimately that it would bo the only one savings bank in Australia. Replying to a question, if the bank was necessary, he declared: “Yes.” Last year four banks had a profit of £1,170,000. Under those circumstances ho thought the State Bank was wanting. The debate was adjourned.