AUSTRALIAN BANKS

Southland Times, Issue 25314, 18 June 1935, Page 8

AUSTRALIAN BANKS

HELP DURING DEPRESSION.

TRIBUTE BY MR LYONS.

London, May 30. Guests at the Australian Bankers’ dinner at the Savoy to-night warmly applauded the Australian Prime Minister (Mr Lyons) when he paid a generous.and sincere tribute to his Cabinet colleagues, and the Australian people for the part they had played in ’the Commonwealth’s recovery. He declared: “We are proud of what Australia has done because it was done by British people who have not followed the easy ways that some suggested but realized that the nation, like its individual members, had to be honest and live within their means. I get credit as head of the Government which ought to go to my colleagues and the Australian people. “Mr Bruce has been closely associated with us, but he has not sought the limelight On the contrary he is prepared to do any job. Australia received £3 000,000 a year in relief from the City of London because in Mr Bruce we had a capable man who was able to speak for a nation which had lived up to its reputation. Since we left Australia, things have improved more than we ever anticipated. ..... , “When I look back, no individual stands out more than Mr J. P. Jones, who was not a member of my Government. There is nobody to whom Australia owes more. He never veered from the path of duty, although that path conflicted with his personal int crest. 5 * Mr Lyons also paid a tribute to the late Sir Robert Gibson. He recalled that in the darkest days of the depression, Sir Robert, then chairman of the Com-, monwealth Bank Board, paced the llopr and said, “They can have my life, btit not my honour or that of the banljs I represent.” / Mr Lyons continued: “The Government’s attitude to the banks-is/that there must be no political interference. I saw the possibility of politicians destroying the banks. It will be/ an ill day for both Britain and Australia when they allow politicians to interfere with financial institutions. The Government would have failed Australia without the co-operation of the banks,” Mr Lyons concluded: “If Mri Bruce wonts the City of London’s co-ppera-tion, you are justified in giving it Australia is sound in all her principles.”. The Attorney-General of Australia (Mr R. G. Menzies), responding tb the toast of the guests, emphasized khat the banks were trustees of the nation’s solvency. They could not ignore politics. The strong showing of the Douglas. Credit group in Australia showed that the banks must educate the people