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;? In : itsj November ; number, 'the Eoridon
.'Bankers' -Magazine', says;' that,' 'by|itheir
'decisipnpto 'open '.current 'acc6\irits»iii^Aiis-
Ifalia '-'f or bankinc correspondents, the' Aus-
tralian .banks Lave brought .banking prac
i,tice'iri,the Commonwealth into line with
;that ^existing in practically all other ini
jbrtaint countries in the world, y : .'
? The new arrangement, which, came into
effect ;from , the . end. of September, and
includes the Commonwealth Bank, 'may
have' the effect of slightly 'broadening the
..mark'e't^m .'exchange, .a'fldy should certainly
prove' a' convenience' to 'banking institu-'
lions outside Aifstralia; but, in view of
thV -necessary. '.'limitations, imposed, it is
hardly -likely to- lessen to any appreciable
'extent-.' tke predominance of the Australian
banks ;in , exchange transactions. A; com-,
mission of one-eighth per cent, is charged
on '; the turnover of accounts ppened : in
?Australia for outside, bankers, and 'if is
understood that no interest will be, ,al-'
lowed on. funds held there. ... :- ;, '
Other factors which .may tend to lessen
the effect * of the ? concession are the ab
sence' of a short- loan ? market - as: it ; is
known in London, and the exchange;
charges which arc incurred in transferring
funds from ? one Australian centre to ^an
other. The magazine .adds that though' the
effect of the change may be limited 'in
the United Kingdom, messages from Aus
.tralia indicated an' , anticipation;: that -f' the
new facilitfes would be freely used -by
institutions in Canada, , thte. United States
. and- 'the; East.- ::i '' .'. ' '-.:'\ ' , ' ;' ?M-*'^/
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