Halleluiah! Our Money's Safe!'

Northern Advocate, 12 August 1948, Page 5

Halleluiah! Our Money's Safe!'

p$ jj O

SYDNEY, Thu. (11 a.m.).—A large section of the Australian population has received with jubilation the High Court decision declaring vital parts of the Banking Act invalid. Among the more spectacular of the news spreaders was an elderly Salvation Army officer in uniform, who broke through, the crowd outside the courthouse and, clasping his hands aloft, shouted: „ , Tr „ , . , “Hallelujah! Five to one! Our moneys safe! Hallelujan: When he heard the decision the cleaner at the Bank of Adelaide in George Street rushed out and vigorously started polishing the brass plate.

In the streets news stands were dressed with posters saying “Bank Bill Decision,’ but the newsboys were yelling out: “Results of the Lottery!” The staffs of the trading banks, legal offices, and members of the Stock Exchange cheered and clapped the verdict.

ties last night

The general managers of most banks were in Sydney for the day. Those in charge of Melbourne banks came specially for the occasion. Gatherings with legal counsel were chiefly to celebrate, as work was impossible in the absence of copies of the judgments. In many staid banking premises kegs of beers appeared miraculously after closing time. In Melbourne telephone congratulations jammed the lines to bank managers. ' Observers in Adelaide report an atmosphere of general relief in the city with flags flying on every private bank.

Late yesterday large numbers assembled in the public space of the banking chambers and speeches were made by executives, who were greeted with cheers.

Bank officials said that fears of unemployment had now passed, and that the banks “were back in business again with a long-term charter.” The newly-formed Bankers’ Club in King Street was the scene of festivi-