An Institution of Unparalleled Growth: Profits Return to the People With a history extending over barely a decade, the Commonwealth Bank of Australia is an institution unique in many respects. Tt is the first and, so far, the only State Bank of the Empire. By the Act of Parliament under which constituted, the Commonwealth Government is responsible for all money due by the bank, thus giving ample guarantee Sor the safety of the funds entrusted to its care. It has the whole of Australia at its back.
Another singular feature is that it has no capital, nor has it required any, as the people themselves and their country provide its security. Any profit earned veally goes back to the people. Of the nett profits one-half is credited to the bank's reserve fund and the other half to a redemption fund. The latter may be used in paying off Commonwealth debts or State debts taken over by the Commonwealth. It is conceivable, therefore, that the accumulated profits of the bank may in time be large enough to wipe out the public debt of Australia. staff number 1,956, comprising both male and female employes. When the bank commenced business in 1912 the staff numbered 49.
The functions and usefulness of the bank are now so_ widespread that the institution is fast being recognized as "'the nation's bank" within Australia. It is the "people's bank" on its savings side and the "traders' bank" on its general side. It has proved its usefulness in every emergency, and was a tower of strength to Australia during the war whilst since the war it has taken an active part in making banking facilities available for the repatriation and settlement of returned soldiers. There can be no doubt that its freedom from political control has been an important factor in its success. The Act under which it is established wisely vests complete control. in the Governor of the Bank.
Text read from the printed page and cleaned; old type leaves the occasional error.