Grey River Argus MONDAY, May 4th 1931. AUSTRALIAN STATE BANKS SOLID.

Grey River Argus, 4 May 1931, Page 4

Grey River Argus MONDAY, May 4th 1931. AUSTRALIAN STATE BANKS SOLID.

In a most convincing and re- . assuring address on the air last / I night, the Chairman of the Com- . monwealth Bank Board, Sir Robiert Gibson, who certainly does not .lean in the slightest degree poli-j Itically towards Labour, gave a| very effective answer to a deal of ' the press propaganda coming to j /this country regarding the stabil-1 ity of the Australian State Banks. I IHe attributed the run on the j?-;—" New South Wales Savings ' Bank almost entirely to un- ; founded timidity, but there is 1 I reason to infer that the influences ‘ behind the run were in some in-1 stances far more sinister. It is 'more than probable that it was | I inspired in part by circles hostile , ito Labour for political reasons. ! What lends confirmation to the ' remarks of Sir Robert Gibson is his discovery that it is the very , people who withdrew their de-1 posits from the N.S.W. Bank who ! •on Saturday did precisely the I same thing with the depsits which |they had transferred to the Com- , monwealth Bank. Many of these j may be merely foolish, but others i may be up to something misehiev--1 ous for purely political reasons. Sir Robert last night insisted that there was no real justification for ■ I the N.S.W. Savings Bank run, ex-1 plaining that every bank has to i invest its funds in a manner that 1 does not allow a large proportion | of them to be immediately avail- i able for withdrawal. The securi- 1 ities are good, and in times of i < prosperity are very readily negoti- | able, but in a record slump like I the present they could not be ex-! peeted to remain so fluid. The very press critics that prate of the | inconvenience for small depositors ; in submitting to be temporarily ■ rationed know quite well the de- I positors can be all paid in full, | but they would—like the anti- 1 Labour politicians whom even Mr ■Lang has a right to condemn—, prefer to perpetrate distrust in l the hope of discrediting the Fed-1 i era! Government as well as that of New South Wales. There will I doubtless be nobody to contest j I Sir Robert Gibson’s assurances,' I that his Bank is as strong as any | . Bank could be in the country, not; excepting sueh ones as have over- r sea i-harter.i and abstract their profits mostly from the Commonwealth for absentee shareholders. The private banks might be disj posed to welcome deposits from .whatever source, but after the j blunt challenge of Sir Robert Gib- : son to the depositors who are pahI icky to take their money as soon las they can from his institution, 1 the ot her banks will be welcome to such customers. The Commotii wealth Bank, he said, will meet i any and every demand that can I be made upon it, and, so long as the nation stands, will never close I its doors. His assurance regarding the New South Wales Savings . Bank is no less authoritative, and I therefore no importance need be ‘attached to any further press . propaganda or panicky depositI ors ’ behaviour, should a section (allow themselves to be again stampeded at Sydney. The steadiness of the depositors in all i other States is a more reliable 1 guide than the psychology of fear generated by politicians and i papers in Sydney. The Government of New; South Wales cannot be absolved from its share of responsibility for the nervousness ' existing, which is in part owing to i [the non-payment by the State it-[ ‘ self of its interest Io oversea creditors. The unemployed have in- ; deed to be provided for, but to . delay interest payments is for the [I government responsible simply to , | put an eventual limit on its re- ’ i sources to relieve unemployment, las indicated by one of the Xew Soul h Wales Ministers lately, when he referred to the' growing difficulty of finding the necessary money. On the other hand, beifore ever New South Wales deI faulted, the banking and other j economic dictators had set out to j blockade it financially, thus mak- j ing the matter of finding interest! and unemployment relief doubly I difficult. That policy has had very much to do with the present * position, but it has been prevented from becoming the dominant policy by the determination of the , Labour administrations not to sur-! render, but to withstand it to the I utmost of their power.

LOCAL AND GENERAL ‘ The T(eeent spell of dry weather has resulted in something of a water famine at Runanga and Cobden. At Runanga water 'is being delivered by, motor lorry. The World’s Best Havana Cigars oh- < tainablo at Bill Rosenberg’s Twelve I mile Hotel, Buller Gorge.—Advt. Members of the Grey branch of the New Zealand Labour Party are rc-i minded of the monthly meeting at the| Lyceum Hall to-morrow, Tuesday even-1 ir.g, a>t 8 o’clock. W. A. Stapleton, of Tattersail’s Ho-‘ tel, Christchurch, is sufficient guarantee that no better service or aceommoIdation is offering i n Christchurch. — I Advt.

| The Blackball Oddfellows’ Annual 1 I Ball will be held tin the Miners ’ 1 Theatre, Blackball on Friday, May 22, I ■when the- West Coast Waltzing Cham- $ pionship will be decided- • 1 ‘Come in please. Go out pleased.” i Is the motto of Jim Rhodes, Ladies’ & | I Gents’ Hairdresser, Mawhera Quay ■ i (two doors from Jack Morrisey’s Rail- : jw-jy Hotel) Greymouth.—Advt. j Captain McGregor, who arjrived at ' the Ikamatua Aerodrome on Saturday ’ at noon from Christchurch in his nine ; cylinder avro aeroplane, yesterday morning flew over) Greymouth, and, in ! the afternoon landed on the Blaketown beach in company'with his mechanic, Mr Collins. Captain McGregor will conduct a number of flights at Grcvmoufh; during the week. ! | I Brace yourself against the cold weather with a nip of Dewar’s Imperial I Whisky, “The Whisky of Distinction”. The mellow and natural flavour of I /“Dewar’s” has made it the favourite) I of the man that wants the best spirit I that science and maturity can give.— • West Coast Agents: Griffen & Smith, I Grey mouth and Westport.—Advt. . The return of coal exports for the 1 port of Greymouth for| the period ot four -weeks, ended 25th April, 1931, tS| a s followsi:—‘State Minds (3918 tons, Rapahoe 299 tons, Paparoa 894 tons, ( Dobson 5107 tons, Castle Point 962 Hons, Wallsend 2724 tons; Other mines I 3608. Total 17,512. During the same I four weeks, th’e timber exported was, 654469 super feet'. For furniture that is better go to |s. Burnett White’s. Hundreds of West ; | Coast homes have an added charm, I through their Burnett White Furniture, i i yet White’s furniture costs no more? | For every room in your house there is 'Whites’ furniture available —better and finer furniture and furnishings to make I your home an even better place to live, in—S. Burnett White, High Grade Fur- . nisher. —Advt. ' Wage cuts on civil servants and othjer workers who have bought houses through the State Advances (says “Farming First”) will operate some- ; what in this fashion. Say the wage is £250 —rates, interest and insurances are £loo—balance £l5O. Any reduction • in cost of living affects the £l5O, but | the cut is ten per cent, on £250, or £25, i.e., about 17 per cent. If all costs ' could be brought down, the cut would jbe fairer. ■ Smart in appearance and serviceable ; I —good service, too —is the slogan at Alex Ogilvie’s mercer’s shop. Low rent, small overhead expenses, discrimination in buying for cash only enI ables me to give old and new custom- , ers bright cheery goods. Start the I New Year and deal with Alex Ogilvie’s ( —the shop where you get satisfaction. I Next Jack Morresey’s Railway Hotel, near Railway Station. Rhon« 101. — i Advt. i The advertisement, recently insert-; cd in the “Argust,” by the Napier, L.R.C., was 'On behalf of the Napier Workers’ Special Relief Fund, which is giving immediate help to working people in distress and trouble through ( the r|ecent quake. Widows and those , who lost their homes through fire are 1 receiving preference. The committee •of the fund has probably a unique re-1 cord, inasmuch as all donations affc paid out and the whple of the adminis, tration expenses ape borne by some of Napier’s own working folk. Mr W. S. Barnard, M.P., is the Fund’s trus-, tee,, and Mr B. S. Bennett, of 13; Bower Street, Napier, the Hon Secret-ar|y-Trea surer. To-morrow (Tuesday) night. Les , Grummitt and his Band are holding a grand dance at Schaef’s Hall. This clever band of five professional musicians will feature all the latest music. The programme will consist of mixed dances. This dance will require no further recommendation when you realise the band is direct from the Dixieland Cabaret. Christchurch, ana the Majes-1 tic Cabaret, Wellington. Fuller partic- . ulars will be found on Pago One of | | th is issue.—Advt. I The iGreymouth Municipal Band yesterday afternoon played a programme at the Greymonth Convent gardens the performance finding the bandsmen at their best, and being"much appreciated by the Convent community. During the afternoon the members of the! Band were entertained at afternoon | tea. by the Sisters. Following were t

[the items givc’nt—“The Stein Sing;”; hymn, “ Nearer My G'od to Thee;”| (A. L. Millinger, L.R.A.M.;) valse, . “The Kiss Ord Hume-” fantasia,! “Golden Age” (J. A. Greenwood;-! ‘ ‘ Monastery Garden; ’ ’ cornet solo' i“The Nightingale (H. Moss), Bands!man S. Smith; “Poetic Fancies” (M. ’Laurent); “Musical Memory (Tren- ; 'ciharfd;), praise, f‘ Deodujnnovter ” (J. >S. Carter), March, “The D. Xer ”

(R. Jackson.) Clean new stocks for everyone. Specially selected togs or the working man iat low prices. Working nailed Bluchjers 12/6 pair. Heavy Chrome Balmor jals 22/6 pair. Canvas Oily Butterfys 110/6, Canvas Oily Roadmen’s Coats 13/6, OHy Canvas Leggings 11/6, Untearable Workers’ Trousers 8/11 pair. Navy Lammies chemically waterproofed 39/6 afed 45/-, all sizes; all wool Socks 1/- pair; summer Athletic Singlets 1/6 and 1/11 each. Lace Rubber Gum Boots 19/6 pair. Every article ' guaranteed or money refunded.—Alex. Ogilvie, Upper Mawhera Quay. Phone! 101.—Advt.

1 Tlk< dredge operating on the beach j near Ai'ahura, which is going much more efficiently with the electric drive.l than it dtid under steam power, is at present on old workings, but is stated to be doing satisfactorily. She w»H eventually work north-eastwards up to,wai|ds Stafford. i We have just landed a great selecI tion of Torches and Electric Bulbs. I Torches from 1/6 to 8/6; the best seilection in town; worth inspection.—At Johnston’s Economical Crockery Shop, | Mawhera Quay.—Advt. | An application of an unusual nature was received at a meeting of the Takapuna Borough Council last w’eek when I a letter was read from a woman who sought permission to sing in the streets. After a brief discussion the council 1 unanimously agreed to grant the appli- | cation.

Special Job Purchase Salo now on: 10 only Ladies’ fawn and grey Fox Fur Necklets, less than half usual prices, 14/11 and 19/11; Ladies’ Fur Trimmed Velour Coats, 29/11. “We Sell for Less. ’ ’ —Thorpy’s Economy Warehouse, Greymouth, Reefton and Westport.—Advt. I Job Purchase Sale nojv on. All wool White Colonial Blankets. Single Bed 19/6, Double Bed 29/6 pr.; Double Bed • White Honeycomb Quilts. 8/11 and 9/11: White Twill Sheeting. 54in. 1/6 yd., 80in. 2/6 yd. “We Sell for Less.” —Thorpy’s Economy Warehouse. Greymouth, Reef ton and Westport.—Advt.

“The might of the British Empire depends upon the continuance of the mineral industry,’’ said Professor Park at the annual meeting of the mining faculty, at Dunedin. A little-known fact was that in the British Empire the : value of productions of the mining in- I | dustry exceeded by more than four- | fold the value of productions of the ' land, including cotton, jute, tobacco, • wool, grain, cheese and butter. ’ I Here are a few suggestions for Wed- ' ding and various gifts: Salad Sets, 1 (Supper Sets, Glass Bowls, Vases, Fern j Bowls, Cake Stands, Card Tables, Cut- ■ lery, Tea Sets; all at prices to suit I any pocket.—At Johnston’s Economii cal Crockery Shop, Mawhera Quay.— Advt. I “I don’t want anyone to suffer financial loss in these times,” said the I Chief Justice, Sir Michael Myers, in excusing a juryman from attendance at the Supreme Court in Nelson. As • the next juryman stepped forward to I tender his reason to be excused His | Honour smilingly commented “I hope I have not opened the door for ex- • 1 euses. ’ ’ i Sleep snug and warm these cold! i nights—nothing invites pleasant, com- ! fy sleep so much as good warm blank ets and eiderdowns, and a good kapo] bed. All these essential articles for the bed are stocked by Harley’s at the .lowest prices in Westland. Call and inspect at the Showrooms, Mackay St., Greymouth.—Advt. A newly-elected member of a Wanganui school committe-c states that he intends to communicate with the Minister of Education in regard to the reintroduction of slates in primary schools. He considers that there is a big wastage of paper for exercises in schools that could be done on slates, particularly during these times when economy is necessary and when many heads of families are hard up against it. , Hurty up your New Year’s suit to 'measure. I can do it. Nothing better obtainable in the Dominion at the monI ey. Navy blue worsted Suits made to measure from Five Guineas. English ; and Colonial Worsted and Tweed Suits made to measure from 92/6. Let me have your order this week; satisfaction guaranteed. Alex Ogilvie, the cash Outfitter, Mawhera Quav. —Phone 101.—Advt. Like the wife of Lord Passfield, Secretary of State for the Colonies, j who prefers to be known as Mrs. Syd- • noy Webb, the wife of the Hon. Bertrand Russell the author of many books on philosophy and mathematics, who ‘ succeeds to the title of Earl Russell on the death of his brother, who was Par- I liamentary Un|der-Secretary of State « for India in the present Labour Ministry, declines to adopt the title of j Countess Russell. She said on being interviewed: “I am a member of the Socialist Party, no member of which should bear a title. Just continue to | | call me Mrs Russell.” The declared value of 6.009,355 gal- I I lons of motor spirits imported in Janu-1 I ary, 1931, was £132,682, so that import ' price for the month, including 10 per • cent, freight and landing charges, is only just ove r sd. per gallon. In January, 1930 3,966,695 gallons imported were valued at £151.686, which works out at over 9d. per gallon. The figures are so extraordinary that we checked January 1930 by last year’s abstracts. i What they mean we are at a loss to understand, unless price manipulation lis deliberate and shameless. Kerosene I imported also shows a great increase I in quantity and a great reduction in price. In January, 1931. 254,852 gallons cost £5,832, whilst in January, 1930 165,826 gallons, or one-third less, cost £6,124. a reduction in price from 9d. t0,51d. Mineral lubricating oil. On the ■other hand, stands steady at 1/10 per | gallon. I | The matter of the Post Office De- ; predation Reserve Fund was brought |up in the Legislative Council recently, and it was stated at March 31, 1930, £2,941,590 had accumulated. Of that, , however, £1,900,000 had been spent on Post Office renewals, leaving the sum of £1,000,000 which had been invested in Wic Treasury. These are large figures to mention, but the information should have gone further, and stated what amount was involved in the erection of new post offices, as naturally such would take a huge sum. During the last financial year it was mentioned, an additional amount of £500.000 had been added to reserves, of which | £200.000 had already been earmarked for earthquake renewals. Sir Thomas Sidey then went on to quote from the secretary of the Post Offices’ report of a year ago. Information, how-’, ever, i< not given over what period the hn ‘O sum of just upon £3.000.000 was accumulated.