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Wednesday, 26 November 1941

Senator KEANE (Victoria) (Minister for Trade and Customs) . - Pursuant to statute, I lay on the table the following paper: -

National SecurityAct - National Security (War-time Banking Control) Regulations -Statutory Rules1941, No. 272.

These regulations give effect to the Government's decision, as outlined in the financial statement of the 29th October, to bring the operations of the trading banks under effective control. The regulations carry out certain recommendations of the Royal Commission on Monetary and Banking Systems and make other provisions to meet present conditions of war finance. The Government had conferences with the representatives of the trading banks and the Commonwealth Rank before the details of the regulations were finally settled. An exemption from the regulations is being granted for two months to all institutions - other than the private banks specified in the regulations - which are or may appear to be carrying on in Australia the business of banking. This exemption will cover the Launceston and Hobart Saving Banks, also pastoral companies and other institutions which carry on some banking functions. This temporary exemption will give time for inquiry and consideration as to whether amy of these institutions should be brought within the regulations.

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