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Thursday, 9 May 1957


Mr Bryant t asked the Treasurer, upon notice -

1.   Who are the directors of the companies mentioned in Part 1. of the First Schedule of the Banking Act 1945-1953?

2.   What was the (a) net profit and (b) rate of dividend of each company in each of the last three financial years?

3.   What interest has each company in hire purchase or other financial organizations?

4.   What profits has each made in each of the last three years from business activities not covered by the provisions of the Banking Act?


Sir Arthur Fadden - The answers to the honorable member's questions are as follows: -

1.   This information is not required to be furnished under the provisions of the Banking Act. It is doubtless available in the published annual reports of the companies.

2.   The net profit and rate of dividend for each of the major private trading banks, over the last three financial years, have been as follows: -

 

3.   I understand that four private trading banks hold shares in hire-purchase companies - the National Bank of Australasia Limited, holding 4,800,000 5s. shares, representing a 40 per cent, interest, in Customs Credit Corporation Limited (assuming the bank has taken up its full entitlement in new issues since its initial investment); the Bank of Adelaide, holding 400,000 10s. shares, representing a 40 per cent, interest, in Finance Corporation of Australia Limited; the English, Scottish and Australian Bank Limited, which has subscribed all of the capital of £2,000,000 in its subsidiary, Esanda Limited; and the Commercial Bank of Australia Limited, holding 3,142,000 5s. shares, paid (so far as is known) to 2s. 6d., in General Credits Limited (the latter representing a 45 per cent, interest when the shares are fully paid).

4.   As the banks are not required to furnish specific information of this nature under the provisions of the Banking Act, I am unable to provide the data sought.


Mr Crean (MELBOURNE PORTS, VICTORIA) n asked the Treasurer, upon notice -

1.   In what form are amounts called to special account by the Commonwealth Bank from the various trading banks actually paid?

2.   In what form are releases made?


Sir Arthur Fadden - The answers to the honorable member's questions are as follows: -

1.   Amounts called to special account by the Commonwealth Bank are paid by the various trading banks by transfers from their working accounts with the Commonwealth Bank.

2.   Releases are made from special account by the Commonwealth Bank transferring the funds released to the working accounts of the trading banks.







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