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Tuesday, 10 May 1960


Mr Cairns s asked the Treasurer, upon notice -

1.   What were the (a) net profits, (b) shareholders' funds, (c) amounts of paid-up capital and (d) net profits as a percentage of (i) shareholders' funds and (ii) paid-up capital of the private trading banks for the years ended on 30th June, 1958, and 1959?

2.   What were the investments of the private trading banks in hire-purchase companies during these years?

3.   What investments in, or loans to, companies and firms in the short-term money market have been made by the trading banks and the Reserve Bank since inception of this market?

4.   What are the names of the banks, companies and firms concerned?


Mr Harold Holt - The answers to the honorable member's questions are as follows: -

1.   The information requested, in respect of the major private trading banks for the financial year ended in 1958, is set out in the attached table prepared by the Commonwealth Statistician; rele vant figures for 1959 are expected to be published by the Commonwealth Statistician shortly -

 

2.   The information available from published sources is set out in the following table -

 

3.   It is understood that none of the major trading banks has subscribed to the capital of the seven companies that are authorized dealers in the short-term money market, although certain of the major trading banks are understood to have indirect minor interests in two such companies because of their shareholdings in associated companies. With regard to loans by the major trading banks to authorized dealers in the short-term money market, the average of such outstanding loans by each major trading bank during the month of March, 1960, was as follows: -

 

The Reserve Bank has not subscribed to the capital of any of the companies that are authorized dealers in the short-term money market. With regard to loans, the Reserve Bank has determined a maximum limit for each authorized dealer and the dealer may obtain a temporary loan for an amount up to this limit from the Bank as lenderoflastresort against lodgment of security. The amounts of loans made under these lines of credit are not published.

4.   The authorized dealers in the short-term money market are -

Capel Court Securities Proprietary Limited.

Delfin Discount Company Proprietary Limited.

Discount Corporation of Australia Proprietary Limited.

First Federal Discount Company Proprietary Limited.

National Discount Corporation Proprietary Limited.

Short Term Acceptances Proprietary Limited.

United Discount Company of Australia Proprietary Limited.







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