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THE NEW SOUTH WALES
BANKING BILL.
Sydney. May 25.
In the Council to-night the Current
Account Depositors Bill was received
from the Assembly. In moving the second
reading the Minister of Justice ( Hon R.
E. O'Connor) explained the provisions of
the measure. The Government found
that unless they legislated there would
be general ruin, first among the smaller
and then among the larger people. It
would have been preferable to enable
these people to drajv money through
the Banks, but the deficiency in the cir
culating medium was too great to
dlow this, and it became necessary
for the Government to introduce
a sufficient quantity of circulating
medium. Therefore the Bill was deter
mined upon. While tho Government
was fully secured the creditors would get
money without charge. The Governmeiib
receiving all interest and dividends on
moneys would make it to the interest of
persons obtaining advances to redeem as
early as possible. This would prevent
the fear of competition with tho recon
structing Banks, which in the interest
of all concerned should be aided.
The provision relating to trust
accounts would assist largely in
this ditection by tending to con
serve customers to the institutions.
During the debate the Bill was generally
approved, but it was urged by different
speakers that it required amendment in
details to make the security of the Go
vernment more complete, and that the
Government should not obtain more than
a fair percentage of any profits accruing
on accounts. The second reading was
passed on the voices, and the Bill was
taken through Committee without amend
ment. It passed its final stages and was
then returned to the Assembly.
Proofs of the nerc Treasury notes to be
issued, and redeemable under the pro
visions of the Current Accounts Release
Act, have been supplied to the Govern
ment. The notes represent values of
one, five, ten, twenty, and fifty pounds.
$