SAVINGS SAFE

Dominion, Volume 24, Issue 286, 29 August 1931, Page 7

SAVINGS SAFE

Depositors Reassured WESTRALIAN BANK Disaster if Confidence Lost By Telegraph—Press Assn.—Copyright Melbourne, August 28. Sir Robert Gibson, chairman of the Commonwealth last night Issued a statement reassuring the depositors in the West Australian Government Savings Bank. Sir Robert urged them to have no fear that their savings were in jeopardy, as the Commonwealth Bank was standing behind that bank until the West Australian Government had passed legislation necessary for the amalgamation. Thus the local depositors would be paid In full whatever happened. He urged them to pay no attention to mischievous rumours, and to cease withdrawing their savings, an action which had recently caused the gravest apprehension. , , „ . Sir Robert Gibson also explained for the benefit of depositors throughout Australia that the banking position had been greatly strengthened in recent years, the Commonwealth Bank holding large deposits of trading banks, wha looked upon the Commonwealth Bank as a sort of central .reserve bank, which could Issue currency in the form of national notes In. any emergency and In times of national welfare. The loss of confidence in the banking system would, he added, spell disaster. He expressed the hope that the people would remain calm.

N.S.W. SAVINGS BANK Bill Before Parliament / Sydny, August2B. Ail stages of the Government Savings Bank Bin are now completed, the Assembly and Council having reached a compromise on amendments.