AUSTRALIAN FINANCE

Greymouth Evening Star, 6 May 1931, Page 5

AUSTRALIAN FINANCE

MR THEODORE AND BANKS

[BY CABLE —PBESS ASSN. —COPYBIGHT.]

MELBOURNE, May 5. t Mr Theodore, addressing railwaymen, again attacked the banks for their obstruction of his financial policy. He said that it had been represented by Sir Robert Gibson that the banks could not extend further credit. Yet, said Mr Theodore, in the case of the New South Wales Savings Bank came to its aid, and accepted the lesponsibility for its liability, tho amount of which might easily run into a million sterling.

BANK MANAGER’S REPLY.

SYDNEY, May 6. Replying to Mr. Theodore’s remarks about the Banks, yesterday, Mr. A. E. Davidson, ' General Manager of the Bank of New Sout’i Wales, said that if, as suggested, the banks paid out a ' hundred million pounds, they could do it either by credit extensions, or drawing on the Commonwealth Bank for • notes. The effect, however, would be sheer inflation. If it were done, the purchasing power of the pound note would be reduced to 6/8, and the burden would fall most heavily on the wage earners.

THE KING’S CONFIDENCE.

MELBOURNE, xMay 6.

Lord Somers, Governor of Victorio, expressed the intention of telling the King that Australia is sound through and through. Lord Somers, who returns to England shortly, said: “I know that the king does not believe the things which are being said against Australia.’”

MR LYONS’ NEW PARTY.

(Recd. May 6, 10 a.m.) MELBOURNE, May 6.

A conference of the seven Victorian i political organisations opposed to the Federal Labour Government agreed to accept the leadership of Mr Lyons in the coming Federal election campaign, and pledged itself to unity of political

action. ’ , The movement is called the United Australia movement. The delegates unanimously accepted Mr Lyons as leader., A council was formed to coordinate the activities of the organisations associated. Mr Lyons made a strong appeal to the parties represented to sink their differences, in a common effort to solve Australia’s difficulties. It was

that the Federal Ministry ‘ be removed from office, because he honestly believed a change of Government was a fundamental necessity if progress were to be made irt the settlement of the Commonwealth’s troubles.

STATE SAVINGS BANK.

SYDNEY, May 6.

There was uproar in the Legislative Assembly, while Mr. Lang was giving information, in reply to a question regarding the Savings Bank. Mr. Davies, Minister of Education, interjected: “Stevens (ex-Treasurer) ought to be in gaol for what he has done regarding the Savings Bank.” ■ Mr. Lang declared that the closing of the Bank was the fruit of Nationalist propaganda.

SMALL TRADERS HARD HIT.

SYDNEY,. May 5.

Business at the Commonwealth Bank has become normal. In addition, the number of necessitous cases that are dealt with at the N.S.W. State Savings Bank has dropped very substantially, although scores of cases of hardship still prevail among the depositors in the N.S.W. State Savings Bank. So desperate is the plight of many of the small tradespeople whose savings are impounded there indefinitely that a percentage of them are now attempting to sell their passbooks to the highest bidder in order to obtain ready cash to hneet their bills.