25 Oct 1957
Page 1
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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
Oct 25, 1957
Page
1
Fragmentary report notes an event involving Tuckey Chub and Sega Thayn. Unclear details, names and places are partially legible, with no complete dates or outcomes readable. Further text needed to confirm participants and context.
Sir Arthur Fadden introduced four bills to separate the central banking functions from the Commonwealth Trading Bank. He said the Reserve Bank would gain wide credit control reach, while the Commonwealth Banking Corporation would oversee the Trading, Savings, and new Development Bank. The reform aims to strengthen capital, curb channeling savings into ordinary banking, and place the Savings Bank on par with private banks.
The bill proposes to tax trading banks and establish a Development Bank to absorb capital from the Mortgage Bank and Industrial Finance Departments totalling over 14.3 million pounds, with a further 5 million pounds capital from the Central Bank Reserve. No income tax would apply to the Development Bank. Sir Arthur Fadden cautioned that the current system allows the Central Bank to intervene arbitrarily, risking unfair advantage to private banks, while the new legislation would tie reserve requirements to overall trading bank deposits.
Fifth-year students at Telopea Park High were farewelled by third and fourth-year pupils at a dinner in the Albert Hall. The departing students will take a short vacation before their Leaving Certificates examinations.
London report cites Professor M G Bay predicting nuclear energy may fail to meet earth’s needs within a century. He suggests tapping earth heat tides and sun as future options while noting four-fifths of primary fuel is wasted. Conference chairman and Edinburgh officials comment on waste.
US and UK leaders open three day talks at the White House to review global strategy against communism. Secretary of State Dulles says the Free World is united by understanding which must not be taken for granted. Macmillan arrives from London and meets President Eisenhower as talks focus on scientific cooperation and Middle East policy amid Soviet pressure.
London Taine John Bodkin Adams has been summoned to appear before the General Medical Council disciplinary committee starting November 26. He faces formal accusations tied to offences involving prescriptions cremation certificates and related matters. He was earlier acquitted on a charge of murdering a wealthy widow patient by poison.
Canberra police report that four vehicles disappeared late Wednesday night and were found yesterday after a group of boys allegedly played chicken in a stolen Holden and Renault. Three youths were arrested with charges of illegal use of motor vehicles. a 13 year old faced loitering charges.
Two cars collided near St Paul’s Church of England in Canberra Avenue yesterday afternoon. Mrs Dorothea Thompson of Griffith and her three year old son Andrew suffered lacerations while her seven month old baby Alison, in a bassinet at the rear, escaped injury. Canberra Ambulance conveyed all three to Canberra Community Hospital for treatment. the other driver was Bruce Williams Ware of Acton Cottages. Both vehicles were damaged.
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