BRITISH BANKING

Evening Post, Issue 29, 4 February 1935, Page 7

BRITISH BANKING

A VIGOROUS DEFENCE

. The British banking and financial system was vigorously defended by Mr. J. Gibson Jarvie, ■ chairman and managing director of the United Dominions. Trust, Ltd.,. at a luncheon of tie British "Works Management A'ssocia-1' tion recently,! says.: 'the "Telegraph." ■ u;-v;. ■'■ .:■•' v , ,'. ;'•..•:..: ,■

"There has been, perhaps,' more nonsense talked onths subject of financial and credit facilities than,pn,any other, single factor in the economic structure, and much of the criticism levelled at thebaiiks can only be characterised as untrue," he. saia.

"It can only have originated in the minds of people entirely ignorant of even the elements .of banking ana finance and of., the ordinary principles of sound,business, or of people -who yere prejudiced to the point of irresponsibility or who had some political axe togrind. ; ; ~.••• ; "In.no:{other country,in-the? world nasthe same stability.and security of the banking and financial system, been maintained; in no other country have the common people of industry been so well served;, and nowhere have depositors been so free from all worry regarding their deposits and Bavings. . HARM MAT BE DONE. ■ "Many quite.important people have fceen responsible for.spreading arid fostering.opinions and statements regarding; British banks and British finance, xrtiiclrnot only have no foundation in fact, but which are scandalous- and calculated, even if not deliberately calculated,' to suggest to the minds of British people that our banking system somehow has failed of its purpose "It is time that the irresponsibility and the bankruptcy of exact knowledge of the casual bank critic wore made generally known, or very great and perhaps irreparable harm may be done to the only banking and financial system in the world which has weathered the stresses and storms/ of the post-war years without any damage whatever to its customers and without impairing its own strength or usefulness." British industry had never been starved for lack of credit, and it was Hot starved, now. •. : :••. Mr. Gibson Jarvie-stressed the need for bold and. inspired leadership in politics ;and' industry alike. "But the leader himself must be xvorth: while and ready, if necessary to sacrifice .himself,- his class, and his privileges, if any of them stand in the way.-. ••.;. '•■■ ■~"■'■■•■.- ■ -.■.'■ ••■■ ': i

"Leadership should be regarded as ihe fulfilment of a duty rather thaa the attainiiient of an ambition.': Ability to win popular support is no criterion at all of capacity for constructive statesmanship either in politics or in inidu'stry." • •