ACCUSATION AGAINST BANKS

Evening Star, Issue 15909, 15 September 1915, Page 8

ACCUSATION AGAINST BANKS

MR JOHNSTONE CRITICISED. [Peu United Press Association.] WELLINGTON, September 15. A prominent banking authority, in an interview with a representative of the ' Post,' resented the criticism of Mr J. A. Johnstone, of the Otago Patriotic Association, regai'ding the banks' attitude towards the patriotic funds. Neither a bank's general manager nor a director has, the authority stated, any right to give away large sums of the shareholders' money to any cause, however good it may be. Shareholders only could empower the hanks to donate very large sums for such purposes. Shareholders themselves, no doubt, had their own calls to meet for funds.of the kind in question. It should not have been overlooked by Mr Johnstone that fully 25 per cent, of the staffs of the banks are on active strvice, and they are receiving at least half-pay. Their places have to be filled by other men or girls at extra expense to the banks. Another matter also appeared to escape Mr Johnstone's attention. Some of the banks had taken up one million of the English war and one £250,000 of the Commonwealth war loan. Generally the taxation for the banks was heavy, and was going to be much heavier. "We all realise," the banker added, "that wo must be taxed for the war, but notwithstanding Mr Johnstone's disingenuous remarks, I think it will be admitted by those who know what the banks of Australia and New Zealand are doing, and will be expected to do, that they have not been so wanting in generosity as Mr Johnstone would have the public believe."