FUNERAL OF BANKER

Southland Times, Issue 22214, 5 January 1934, Page 5

FUNERAL OF BANKER

N.Z. GOVERNMENT REPRESENTATIVE.

(United Press Assn.—Telegraph Copyright.)

Sydney, January 4.

The New Zealand Government was represented at Sir Robert Gibson’s funeral by the head of the New Zealand Office in Melbourne, who was deputizing for Mr L. J. Schmitt.

With the onset of the financial depression the duties of the board of directors of the Commonwealth Board, of which Sir Robert Gibson was chairman, became charged with a greater responsibility, since the Australian Governments, no longer able to borrow in the open market except at ruinous rates of interest, were forced to rely on the Commonwealth Bank and the trading banks for temporary loans. Sir Robert took a stand against Government extravagance, with the result that Labour extremists set out to have him removed from office. His opposition to reckless financial expedients nevertheless was not abated. Finally the board, in conjunction with the trading banks, informed the Governments that the limit of borrowing had been reached and that Budgets must be balanced. Sir Robert was called to the bar of the Senate to advise on ' the Bill reducing the gold reserve of the note issue in May, 1931, and his advice had been constantly availed of by the Commonwealth Government and by the Loan Council. Sir Robert married in 1891 Miss Winifred Moore, of Glasgow. They had two sons and five daughters.