ATTACKING THE BANKS

Evening Post, Volume CXII, Issue 122, 19 November 1931, Page 16

ATTACKING THE BANKS

REPLY TO POLITICIANS

Strongly attacking the attitude of politicians towards banks, the chairman of the Bank of Adelaide (Mr. H. W. Lloyd) declared at the recently held half-yearly meeting in Adelaide that he took the opportunity of resenting the continued political interference and criticism to whicn banks were being subjected at a time when confidence in financial institutions was essential. , "The public is not apprised of what the banks have done for the various Governments," he said. "During the last three years the Governments have been loaned nearly £100,000,000, and this at a time when they were unable to borrow a penny overseas;, aid when without assistance the whole financial structure of the country would'have broken down." In his report Mr. Lloyd said that fortunately public opinion had estimated at their true worth the attacks of some politicians whose.one regret"apparently was that they could not obtain control of the savings of the people for tlie maintenance o£ artificial standards, and the furtherance of uneconomic schemes. A brief survey of the relative positions of the Governments and the banks should satisfy anyone as to the merits of their respective policies. Dealing with the reduction in the interim dividend to 4 per cent., Mr. Lloyd said that like all banks the-profits had been considerably reduced during the halfyear, partly as a result of shrinking circulation and general business as a result of industrial stagnation, and partly as a result of the policy.of the board to.maintain a particularly strong liquid position against emergency,' but, he said, "I can see one or two bright spots in the gloom. They are in the rise in the price of wheat and wool, and the general feeling of confidence of the community."