If He Can Find a Safer Place, Go To It!

Manawatu Times, Volume LVI, Issue 6541, 4 May 1931, Page 7

If He Can Find a Safer Place, Go To It!

ADVICE TO TIMID DEPOSITORS NO USE FOR PANICKY PEOPLE Received Monday, 1.0 a.m. SYDNEY, May 3. Sir Robert Gibson, chairman of the Commonwealth Bank, broadcasting to the four States at 9 o’clock to-night, assured customers that the Commonwealth Bank " wOuld never close its doors. He said the Commonwealth had the backing of the note issue and he had the authority of the Prime Minister to say that the Government would {support the Bank Board in any extension of the note issue deemed desirable. In an emergency the bank would meet every demand upon it. Quite a number of timid people, added Sir Robert Gibson, feared that the Commonwealth Bank would close its doors. “I know of no safer place than the Commonwealth Bank, and if anyone thinks he can find a safer place, then by all means let him come to tho bank and take his~ money away.” The chairman explained that Saturday’s run on the Commonwealth Savings Bank ivas due to timidity on the part of the new customers who withdrew their savings from the Government Bank and were largely responsible for its failure. Those same people, his officers informed him, were now rushing the Commonwealth Bank to transfer their accounts to some other hank which was thought safer.

- Quite definitely he wished to tell those people 'that the Commonwealth Bank did not want their business, and the sooner they took their money out, the better the Commonwealth Bank •would like them. The Commonwealth Bank wanted regular and reliable customers, and so far- as the old customers of the bank were concerned, he could assure them that the Bank Board would no nothing to jeopardise their savings in any Tespect.