CO129-561-6 Companies Amendment Ordinance draft bill- correspondence 18-1-1937 - 6-7-1938 — Page 61

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Generally as regards Savings Bank Companies:- (1) I notice that the activities of Savings Bank

companies do not (except by implication) come within the purview of the Examiner of Banks and I wonder if this is a wise omission. In England, as you know, Trustee Savings Banks are subject to Government supervision.

(2) I assume it is not considered necessary to limit the

employment or investment of Savings Bank deposits beyond the 50% required in the present bill. lack local knowledge but I should feel that Savings Banks should at least be prohibited from certain operations such as speculation in foreign exchange, or unsecured loans to private persons. But maybe this point is sufficiently covered in Section 361(2).

Yours sincerely,

(Sgd.) J. FISHER.