AUSTRALIAN BANKS.
EFFICIENCY RESULTING FROM AMALGAMATION. EVIDENCE BEFORE COMMISSION. (Received This Day, 1.30 p.m.) MELBOURNE, February 12. Giving evidence before the Banking Commission, Mr. L. J. McConnen, chief manager of the National Bank of Australasia Limited, said that although the number of trading banks had been reduced from 21 to 10 since 1917, there had been no diminution in competition, as the number of branches had increased from 2186 to 3086 in ten years since 1920. That rate of expansion was much in excess of Australia’s economic development. Mr. MeConnen emphasised that since the amalgamations the greater banks had been able to give far greater efficiency and had installed additional conveniences beyond the means of the absorbed banks. The increased efficiency was chiefly exemplified in the widespread nature of the larger banks, their business enabling the system to derive greater advantages from seasonal differences in the ebb and flow of the banks’ funds throughout Australia. Also, it had enabled a better and wider merging of the industrial demand for funds with the fluctuating rural demand.
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Bibliographic details
Wairarapa Age, 13 February 1936, Page 5
Word Count
175AUSTRALIAN BANKS. Wairarapa Age, 13 February 1936, Page 5
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