SAVINGS BANK REVIVAL

Wanganui Chronicle, Volume 74, Issue 196, 20 August 1931, Page 7

SAVINGS BANK REVIVAL

NEW SOUTH WALES PLAN BILL BEFORE ASSEMBLY FUNDS FOR DEBENTURES [By Telegraph—Press Association Copyright] Received Aug. 19, 9.5 p.m. BTDNEY, Aug. 19. The Government Savings Bank Bilk introduced into the Assembly is on the lincj already indicated. It authorises the commissioners to raise £10,000,000 by debentures to carry on business. There will be five commissioners or trustees appointed for varying terms ranging up to seven years. The new bank will deal with old deposits ana now deposits separately, and the commissioners will bo empowered to decide the terms of repayment to former depositors, a’so the extent of rationing, which will necessarily depend to a large extent on tne progress made by the reconstituted bank and the restoration of public ‘confidencco.

The Premier and Treasurer, Mr J. T. Lang, introducing the Bill, ma lo a strong point of the fact that the commissioner would be absolutely free from political control. The following are expected to accept the Government’s offer of appointment as trustees of the Bank: Sir Hugh Denison (chairman), Sir Clifton Love, Sir William Vicars, and Mr O’Malley Wood. The name of Mr \ E. Bryant is given as a likely fifth member.

Hundreds were unable to gain admission at a meeting of depositors at the Town Hall. The meeting expressed themselves in favour of Commonwealth, as opposed to State, control of the Bank, and after forming a Depositors’ Association, broke up in mild disorder.