BANKERS’ HOSTILITY

Grey River Argus, 5 October 1931, Page 5

BANKERS’ HOSTILITY

TO N.S.W. PREMIER Commonwealth Versus State Bank (Aus. & N.Z. Cable Assn.) SYDNEY, October 3. In the Legislative Assembly, xho Premier, Mr Lung, attacked the chairman of tife Commonwealth Bank Board. Sir Robert Gibson. He said JSir Robert Gibson wa s conducting a avings bank business in deliberate opposition to the State Savings Bank. 2\Lr Lang said he had information thfit ihe Commonwealth Bank was opening a manber of branches in opposition to the Government Savings Bank. He added: “It is clear to every reasonably-minded man that Sir Robrt Gibson’s personal antipathy to nu* is a very important factor, and I -hould say, the main motive prompting the Commonwealth Bank to do all in its power to retard the rehabilitation of the Government Savings Bank. ' I do not mind Sir Robert objecting to me personally, or to my polities, but I do very strongly object to his using the money of supporter s of the Commonwealth Savings Bank to build palatial premises and conduct savings bank business i n deliberate opposition Ito the State Savings Bank in centres where the State Bank is well able to provide the necessary service.” FACILITIES ABUSED. ‘ln connection with the proposed amalgamation with the Commonwealth Bank,” said Mr Lang, “the latter had been given facilities to inve~"tigate the whole of the affairs of the State Savings Bank, and it is fairly obvious that they have taken advantage of this confidential inform ation to guide them a s to the best centres to open branches. “Sir Robert Gibson, while trying to injure the State Savings Bank, is verv careful not to open trading bank facilities m competition with the trading banks. He would not lift a finger to help finance the Savings Bank of this State to the extent of one penny to enable it to grant some relief to the old depositors, not withstanding that the present Commissioners were fully prepared to offer him ample security in the way of Commonwealth Bonds. But Sir Robert should bear in mind that h e is not a dictator of the whole banking policy of New South Wales, and. despite hi* nronounced and deliberate opposition the Savings Bank of New South Wales will continue to function, and will eventually become as strong as ever it was. “NOT FORGOTTEN.” “It is a pity to have not a Sir Denison Miller at the head of the Commonwealth Bank, (Ministerial cheers). I regret that it is necessary to speak in this way. I made every representation direct to the Commonwealth Government and the Commonwealth Treasurer, and surely those who have the power to conserve our rights should do so. The State Savings Bank has nine million pounds more Commonwealth securities than the whole of the trading banks put While Sir Robert Gibson was standing behind the trading banks, he refused to stand behind the Government Savings Bank. Before his appointment to the Board, I wrote article stating that one of the worst things that would happen to thia country would be the reappointment of that man as chairman of the Board. Perhaps, having read th® article, he has not forgotten and not j forgiven.”