IN THEIR OWN DEFENCE

Evening Post, Volume CXV, Issue 139, 15 June 1933, Page 10

IN THEIR OWN DEFENCE

"BANKERS SHOULD REPLY"

UNWARRANTED CRITICISM

A defence of New Zealand banks in' the face of the criticism levelled atthem during the present difficult financial period was/uttered by Mr. V. C. S. Edwards, president of the New Zealand' Batik Officers' Guild, at the annual snioke concert -of the guild last evening. In proposing the.toast of "Tho Banks" Mr. Edwards referred to the manner'in which the banks .had- weathered the storai, and said it was time the banks replied to'the1 calumny /'which had been heaped upon., them. ;,

"The banks trading in New Zealand'are to be congratulated'upon- their ability to maintain the strong, position which they have maintained in the face of the worldwide depression and ad jersi ty,'" said Mr. Edwards. "A liotiecable feature of tho depression ha.sbeqn the way tho British banks hiive -been able to stand up to the .conditions.. We have'not heard of a single failuro throughout the Empire. This is due to the conservative and sound lines on which British banks are run. ■'■Our own banks operate on the same1 sound lines, and the community owes much to the higher executive officers of our banks.

"It"is not hard to visualise, the many and complex problems ■ which these gentlemen have had to ; face and solyij during the past, few years—questions' not so much of banking as of national importance, and in solving these problems the banks have, as often as not, arrived at decisions very much to their own disadvantage because they, held, and rightly so, that national considera: tions at this critical stage of .our'history, were of paramount importance. 'In viW of the great services' •which have" been performed by the banks it, is strange that so much, 'ill-feeling towards thepi should- be- life amongst practically every section of the cony niunity. So much that is unfair is spoken and written against them that it seems strange that they have taken no action in their own defence. IN THE COMMUNITY'S INTEREST. "I would respectfully urge them to do so, if not in their own interests, at least in the interests of the community at large. A desire for the socialisation of credit is rapidly gaining ground, and if the banks are desirous of combating the insidious propaganda against the present system of private banks it is desirable that they should at once- take action. It is necessary.that they should justify themselves in the'minds of the public. As it is, their detractors and calumniators ha\o a free field.. The matter is of great importance to'the guild, which views with; apprehension tho continued silence of the' banks in the face of the great injustice done to them. I feel confident that the members of tho > higher executive of the tanks will eventually appreciate the guild's attitude in this matter and make a move in the desired direction."