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Tuesday, 30 September 1958

Mr HAWORTH (ISAACS, VICTORIA) - I wish to draw the attention of the Prime Minister to an advertisement which appeared in the Melbourne "Sun" on Thursday, 11th September, and to ask him whether he is in a position to explain any of the circumstances that make such a public announcement possible. The advertisement reads -


A leading finance institution at present considering the establishment of State-wide savings account facilities invites preliminary applications from firms with suitable premises and staff.

Duties involve the acceptance of money from depositors in a manner similar to a savings bani agency. . . .

An address for replies is given at the foot of the advertisement. Does the Prime Minister agree that this clearly foreshadows a new turn of the screw in the pressure on citizens to divert their money away from the traditional savings channels? The question at once raised is, " When is a bank not a bank? " Can the Prime Minister say whether an activity of this type would be considered as a banking activity within the meaning of the banking legislation? Is it the case that, should an attempt be made to carry on a pseudo-savings bank business of this type in one State, the Federal Government would have grounds for control? Will the Prime Minister consider whether, in view of the serious problems-

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