RUNS ON BANKS

Greymouth Evening Star, 11 June 1927, Page 12

RUNS ON BANKS

A CLEVER DEVICE. Runs on. banks are comparatively rare nowadays, but fifty or sixty years ago, when private banks issuing their own notes were dotted all over the country, they were of frequent occurrence. Idle or malicious gossip was sufficient to induce two or three timid depositors to withdraw their money. Their example was followed by others, and yet others, until a bank that was perhaps perfectly solvent, unable to meet the sudden drain on its resources, would be compelled to put up its shutters. A good story of how such a catastrophe was averted in the case of a certain East Anglican bank is told by Mr P. W. Matthews in his recently published “History of Barclay’s Bank.” The bank was kept by a Mr Boultbee, who was also a corn merchant. When the run threatened he nailed a bushel measure the wrong way up to the floor of his counter, and the bottom of it he covered with sovereigns. Then, when a timid customer came to draw cash he was asked first to assist in moving the measure, which was, of course, impossible. Thus fears soon vanished.