SAVINGS BANK FAILURE

Taranaki Daily News, 30 April 1931, Page 7

SAVINGS BANK FAILURE

LIMIT UPON WITHDRAWALS DEPOSITORS ASKED TO DELAY. By Telegraph.—Press Association. Rec. 5.5 p.m. Sydney, April 29. No opposition was offered in the Council during the passage of the Government Savings Bank Amendment Bill, which authorises the Commonwealth Bank to takeover the obligations of the Statfe Government Savings Bank. The measure was carried through all stages on the voices and sent to the Government for assent. An official statement has been issued concerning payments to depositors in the Government Savings Bank. A limit of £3 is placed on the amount that may be withdrawn in one week, and a depositor must establish the fact that he or she is in dire necessity. Depositors whose needs are not urgent are asked to delay their applications until after necessitous cases have been dealt with. The Federal Labour caucus has issued a statement declaring that the failure oi the State Savings Bank was an inevitable repercussion of the Lang plan, which was responsible for 2000 men and women losing their employment, while many thrifty workers with their life’s savings in the Government bank are now forced to apply for the dole.