HECTIC ATTACK

Northern Advocate, 3 October 1931, Page 7

HECTIC ATTACK

MR LANG HITS OUT BANKING COMPETITION. COMMONWEALTH OPERATIONS. (United Press Association—By Electric Telegraph—Copyright.) (Received 11.30 a.m.) SYDNEY, This Day.'

In the Legislative Assembly, the Premier, Mr J, T. Lang, attacked the chairman of the Commonwealth Bank Board, Sir Robert Gibson. He said that Sir Robert was conducting savings bank business in deliberate opposition to the State Savings Bank. Mr Lang said he had received information that the Commonwealth Bank was opening a number of branches in opposition to the Government Savings Bank,

He added: “It is clear to every reasonable-minded man that Sir Robert Gibson’s personal antipathy to me is a very important factor, and I should say the main motive prompting the Commonwealth 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 my polities, but I do very strongly object to his using the money of the supporters of the Commonwealth Savings Bank to build palatial premises and conduct savings bank business in deliberate opposition to the State Savings Bank in centres where the State Bank is well able to provide the necessary service.

“In connection with the proposed amalgamation with the Commonwealth Bank, the latter was given facilities to investigate the whole of the affairs of the State Savings Bank, and it is fairly obvious that they have taken advantage of this confidential information to guide them to the best centres to ouen branches.

Not One Penny Help.

“Sir Robert Gibson, while trying to injure the State Savings Bank, is very careful not to open trading bank facilities in competition vvitli the trading banks. He would not lift a finger to help to finance the Savings Bank of this State to the extent of one penny, to enable it to grant some relief to the old depositors, notwithstanding that the present commissioners are fully prepared to offer him ample security in the way of Commonwealth bonds.

“Sir Robert should bear in mind, however, that he is not the dictator of the whole banking policy in New South Wales, and despite his pronounced deliberate opposition the Savings Bank of New iSouth Wales will continue to function and will eventually become as strong as ever. "It is a pity we have not a 'SIT Denison Miller at the head of the Commonwealth Bank (Ministerial cheers.) I regret that it is necessary to speak this way. I have 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 £9,000,000 more of Commonwealth securities than the whole of the trading banks put together, and while Sir Robert Gibson was standing behind the trading banks he refused to stand behind the Government Savings Bank. “Before Sir Robert's appointment to the board I wrote an article stating that one of the worst things that could happen to this country would be the reappointment of that man as chairman of the board. Perhaps, having read the article, he has not forgotten' and has not forgiven."