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.NEW BANK
BILL
For Caucus to
Decides
SYDNEY: . The Prime
Minister, Mr. Chifley, an
nounced in Sydney' today
that proposed legislation on
the nationalisation of bank
ing will be placed. before
Caucus to reject, amend or.
accept the draft bill which
had been prepared by the
Deputy Prime Minister, Dr."
Evatt, and himself.
He said: "In view of these cir
cumstancec I cannot at this
stage make any further com-.
ment."
Mr. Chifley said that an op
portunity would be given in the
House for the whole question to
be debated.
He denied that the nationall
sation of banks would disrupt
Australia's wool market as
claimed by the New South Wales
..and Queensland i Wool Buyers
.Association.tr :- ...? '
r Referring to, the effect of dol
*lar cuts on-:the importation of
machinery, Mr. Chifley said that
..favourable consideration would
be given to manufacturers in
regard . to the plant necessary.
to., the production of. essential
.goods..
,.) The irmportatlon of plant for'
inicreased newsprint" production
, in ,Australia,: involving millions
of 'dollars would be encouraged.
MiR. TAYLOR ON BANKS
SYDNEY: Mr. W. C. Taylor,
former member of the Comminon
wealth .Bank BoaMd, said last
night that the Commonwealth
Government would not nation
alise trading banks if it wer?
certain that the 1945 bank legis
lation would continue to be law.
Mr. Taylor, who was ad
dressing a meeting at Mosman:
said -that privatel banks had
planned a policy of selectively
challenging the 1945 Act, with
the intention of making it even
tually ineffective.
He claimed that. the trading
banks had over lent in the past
two years, making it very diffi
cult to preserve price control
'standards` and land values.
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