BANKERS' CONFERENCE.
(Pbess Association.) Melbourne, June 26;. As the outcome of the recent Bankers' Conference it is expected that the Bill, when drafted, will principally deal with •the note issue. The existing issne by banks is to be controlled by a commission partly nominated by the Government and partly by the banks. The banks are jto provide coin against the issue of Vhich 70 per cent, will be invested in colonial & per cents, and thirty per cent Jbe retained, the gold issue to be allocated to banks in proportion to the existing issues and deposit liabilities. The notes will be legal tender «- exchangeable for gold at the chief offices of the banks. An emergency issue is allowable on the deposit of 20 per cent of coin and 80 per cent of approver! Government securities. The profit derived from investments in stock after deducting the expenses of management is to be divided equally between the banks and Government.
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Bibliographic details
Thames Star, Volume XXVI, Issue 8079, 26 June 1895, Page 4
Word Count
157BANKERS' CONFERENCE. Thames Star, Volume XXVI, Issue 8079, 26 June 1895, Page 4
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