16 Oct 1947
Page 1
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This newspaper page contains 14 articles. Subscribers can read the full text of each article.
Newspaper
Cairns Post
Location
Cairns, Queensland, Australia
Date
Oct 16, 1947
Page
1
Prime Minister chifley introduces banking bill outlining safeguards and compensation. On bank purchase, shareholders receive just compensation, employees protected, depositors guaranteed, and business continuity promised. State ownership aimed at public banking service and inflation control. Part VI envisions a Federal Court of Claims with a Chief Judge and appointees.
Fragmentary OCR text discusses the Commonwealth Bank and government roles, governance, and policy measures. It references Australian financial arrangements, bank operations, and potential parliamentary oversight, with mentions of economic policy, public trust, and confidentiality in banking.
The article explains methods of acquiring private banks by voluntary purchase and compulsory acquisition. It outlines Commonwealth Bank actions including holding offices, disposing of assets, and compensation. It also covers court processes to determine compensation, appeal, and protections for private bank shareholders during compulsory acquisition and sequestering of shares. It notes August dates and regulatory procedures for such transfers.
Serious blaze at Sowaex household appliance works injures none reported while flames engulf machinery and threaten the premises. Managing director Mr Davies attends guests nearby and returns after alarm. An employee’s daughter witnesses the fire as responders battle the blaze and insurance coverage is noted.
In New York a heated exchange surfaces over American warmongering claims amid calls to discharge and restore confidence in wartime measures. Dulles is labeled a warmonger as lawmakers react to censorship and wartime propaganda concerns. The scene reflects tense national warnings and policy scrutiny.
In Canberra the Opposition's tactics delayed Mr Chifley's second reading of the Banking Bill by about 20 minutes as two divisions were forced and the government used the gag. The scene saw crowded galleries, heated exchanges, and allegations of obstruction as the Budget debate proceeded amid party tensions.
Amid heated protest in Parliament crowds clap and jeer as the banking bill opens. Opposition leaders urge restraint while government deputies argue the measure defends liberty and national interests. The session features vigorous debate on constitutional limits and fiscal policy.
Prague October 4 The alleged sabotage case involves a 70 German individual in custody after an explosion caused by suspected sabotage at Jabloine Heelworks. The blast caused about 189000 damage and authorities say the suspect may have planned the incident.
Reports say the Boeing flying boat Bermudas Queen ditched 500 miles east of Newfoundland with 62 passengers and seven crew aboard. The Coastguard cutter Bibb struggled through heavy seas to retrieve survivors, with 25 people remaining unaccounted for and 15 women, 11 children among those rescued so far.
New York Oct 4 Indirectly reporting the Marshall plan principles the Axara Committee rejected today by 32 votes to aim abstentions One polling representative member states not to establish financial machinery outside the United Nations delegates during the debate interpreted the Polish proposal not variant of the Marshall plan but of the Pan American Union as similar freanations
An account from Port Moresby describes local workers and officials criticizing government spending for New Guinea natives after the war. It mentions high ration costs, paid leave for engineers and public servants, and the push to fund housing and machinery in Port Moresby.
A telegram from the federal commissioner's side describes a dispute involving Mr Stewart and messaged concerns over his condition. The case arose before a hearing set for August 12 in Sydney. The union threatens to strike starting Monday after a recent ruling in Melbourne.
Sydney labor dispute flares as foremen threaten action at Macquarie Stevedoring Company. Union and federation leaders urge restraint while ships at Port Kembla face a state wide work stoppage looming. Over 100 stevedores and nearly 10000 seaverside workers may be affected as men threaten to strike on Moray and other ports.
Industry officials discuss coal allocations for the coming winter amid tightened supplies. The report notes higher demand and limited output, with authorities examining consumption targets and distribution priorities for power plants and factories.
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