STATE BANKING.
UNSATISFACTORY EXPERIENCE IN SOUTH AUSTRALIA.
United Prkbs Association— Copyright
(Received December 9, 10.35 a.m.) ADELAIDE, Dec. 9.
The report of the select committee of the Legislative Council on the working of the State Bank finds that the methods of working are neither in accord with the spirit, intention, or letter of the Act, and are open, to the gravest censure. It rendered the Government’s guarantee of the repayment of bonds a delusion. The effect of the bank’s action had been practically to convert bonds from terminable securities to interminable annuities. It recommends that the present method of issuing bonds cease, the Government making no further advances pending Parliamentary consideration and a conference with the bondholders, with the view of arriving at an amicable settlement.
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Gisborne Times, Volume XXVII, Issue 2681, 10 December 1909, Page 5
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126STATE BANKING. Gisborne Times, Volume XXVII, Issue 2681, 10 December 1909, Page 5
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