BANKING SYSTEM.
CONFIDENCE OF THE PUBLIC CLAIMED. FUTURE INTEREST BATES. (Received This Day, 0.40 a.m.)MELBOURNE, February 14. Mr. L. J. McConnen, chief ■manager of the National Bank of Australasia ■Ltd., continuing his evidence before the Banking Commission gave ran none Why Australian trading banks would not favour the formation of new bank. in Australia or the establishment of branches of foreign banks. Many years of difficulty, he said, must be faced before a foreign bank could establish itself. Foreign banks were not prepared to provide the general range of services offered by Australian banka, which were carried out sometimes at a loss. Mr. McConnen claimed that the trading banks system had the confidence of the public throughout the time of crisis and during recovery, also that the reduction of interest rates had had a considerable effect in mitigating the effects of the depression. Replying to a question concerning future interest rates, Mr. McConnen said he was of the opinion that the trend of interest rates was to harden. He did not think this would be undesirable.-
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Wairarapa Age, 15 February 1936, Page 5
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176BANKING SYSTEM. Wairarapa Age, 15 February 1936, Page 5
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