COMMONWEALTH BANK

Otago Daily Times, Issue 21457, 5 October 1931, Page 7

COMMONWEALTH BANK

THE CHAIRMAN ATTACKED MR LANG’S ALLEGATION PERSONAL ANIMOSITY (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, October 3. 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 Gibson was conducting the 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 reasonablyminded man that Sir Robert Gibson’s personal antipathy to me is a very important factor, and, I should say, the main motive in 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 politics, but I do very strongly object to Lis using the money of the supporters of . the Commonwealth Savings Bank to build palatial premises and to 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 . reposed amalgamation with the Commonwealth bank the latter was given facilities to investigate the whole of the affairs of the State Savings Lank, and it is fairly obvious that it has taken advantage of this confidential information to guide it as to the best centres in which to open branches. Sir Robert Gibson, while trying to injure the State Savings Bank, is very careful not to open trading bank facilities in competition with 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 were fully prepared to offer him ample security in the way of Commonwealth bonds.

“ But Sir Robert should bear in mind that he is not the dictator of the whole banking policy of New South Wales, and despite his pronoufaced and deliberate opposition the savings bank of New South Wales will continue to function, and will eventually become as strong as ever. It is a pity that we have not a Sir Denison Miller at the head of the Commonwealth Bank. — (Ministerial cheers.) I “ I regret that it is necessary to speak in this way. I made every representatiop 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 £9,000,0C\ more of Commonwealth securities than the whole of the trading banks put together. While Sir Robert Gibson is standing behind the trading banks he refused to stand behind the Government Savings Bank. Before Sir Robert Gibson’s appointment to the board I wrote an article stating that one of the worst things that would happen to this country would be the reappointment of that man as chairman of the board. Perhaps having read that article he has not forgotten and has not forgiven.”