A STATE BANK.
THE AUSTRALIAN PROPOSALS. by Cable—Press Association—Copyright. Received 27, 11.35 p.m. Melbourne, October 27. The Commonwealth Rank Bill, to be 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 jvill be repaid by the bank, which will be managed by a board of directors, consisting of the governor of the bank, the deputy-governor and a>director who will be appointed by the Governor-General. Half the net profits of the bank will be placed by the treasurer for redemption of bonds. If the funds exceed the amount of bonds in circulation, the excess may be 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 apmwed by the Federal Treasury, loans on land security, .or in any other prescribed manner. The board is empowered to establish a savings bank.
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https://paperspast.natlib.govt.nz/newspapers/TDN19111028.2.28
Bibliographic details
Taranaki Daily News, Volume LIV, Issue 109, 28 October 1911, Page 5
Word Count
189A STATE BANK. Taranaki Daily News, Volume LIV, Issue 109, 28 October 1911, Page 5
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