C. O.
Mr.
Mr.
Mr.
Sir H. Moore.
Sir G. Tomlinson.
Sir C. Bottomley.
Sir J. Shuckburgh.
Permt. U.S. of S.
Parly. U.S. of S.
Secretary of State.
DRAFT.
FURTHER ACTION.
55
maximum. This should be made clear in
the Ordinance.
Section 366. There is under this
section no restriction on savings banks
as to how their deposits are to be
employed or invested beyond the
securities to the value of 50% of
They
deposits which are required to deposit
hare
with the Colonial Treasurer Incorporated.
It is desirable that savings banks
should at least be prohibited from
certain operations, such as speculation
in foreign exchange or unsecured loans
to private persons. The section should
be amended accordingly.
Section 371. It is presumed that
tnis clause would only operate in the
event of a company getting into
difficulties, and that normally the
ordinary withdrawal facilities through
the company would suffice.
It is not clear that under
tais Bill the activities of savings
bank
("2132-150) Wt. 42270-82 15,000 4/38 T.S. 695