RUN ON BANKS

Grey River Argus, 4 May 1931, Page 5

RUN ON BANKS

ANOTHER AT SYDNEY By Some Foolish People (Aus. & N.Z. Cable Assn.) (Received May # 2 at 5.5 pm.) SYDNEY, May 2. Apparently alarmed by recent developments and by the question asked in the Federal House recently, as to whether there had been any run on the Commonwealth Savings Bank, depositors in that institution yesterday displayed some alarm, resulting in considerable withdrawals. To-day there were long queues waiting in the street outside of the headquarters of the bank. The police were controlling the crowds. Those in the queues were anxious to withdraw, money. The queues continued till the' closing hour at noon.

Sensation Caused BY THE BUN. .Aus. & N.Z. Cable Assn.) (Received May 3 at 10 p.m.) SYDNEY, May 3. The run on the Savings Bank Department of the Commonwealth Bank, cabled yesterday, caused a sensation in the city, and the authorities are :iow doing their best to check it. It is regarded as likely that the Commonwealth Bank will decide to ration the withdrawals early in the week. TRADING BANKS. GIVEN NEXT TRIAL! SYDNEY, May 3. Inquiries have elicited the information that a majority of Commonwealth Bank’s customers arg transferring their accounts to those trading banks that have external charters, including the Bank of New Zealand, or else are using safe deposit receptacles. LONDON ATTITUDE. LONDON, May 1. The Commonwealth has deposited the necessary funds at the Westminster Bank to pay the interest which Mr Lang was unable to meet. Two leading Australian insurance companies, in answer to insured people’s inquiries, say that claims against policies registered in London will be paid in sterling, but they refuse to allow further transfers of policies to London. A number of New South Wales tourists are in a serious predicament through the closing of the State Savings Bank. They are unable to pay their, hotel bilks, and arc almost destitute, and have jointly appealed to ! the Agency-General to release money to permit them to go homo immediately. The “Financial News” recalling that Sir O. Niemeyer’s statement in August declared Australia was given two years to put her house in order, says; The breathing space has be p n narrowed to eight months, and the debt problem is even further from solution. iThe Governments’ vacillating policy is I merely piling up difficulties. The paper, in an editorial, repeats that the London market will not be found unsyni- ; pathetic when the situation is faced.