"PLAN TO SMASH BANKS”

Taranaki Daily News, 26 August 1931, Page 9

"PLAN TO SMASH BANKS”

NEW SOUTH WALES CHARGE

COMMONWEALTH BANK ‘RUN’

ALLEGED FAKING OF QUEUE

MR. BAVIN HAS KNOWLEDGE

By Telegraph—Press Assi.—Copyright. ' Rec. 8.30 p.m. Sydney, Aug. 24. Mr. T. R. Bavin, Leader of the Opposition, speaking ip the Assembly on the Government Savings Bank Bill, declared there was an organised attempt some months ago to magnify the run on the Commonwealth Bank following the closing of the State Savings Bank. He had definite knowledge that at least 100 men joined the queue on the fateful Saturday morning, passed through the bank and out the opposite door, afterwards joining the queue again and' repeating the performance several times.-

Mr. Bavin described it as a dastardly attempt to shake confidence and intensify the fears of another bank crash, it being part of a sinister plan- to smash the financial institutions.

Compared with the other trading banks, the activities of the Primary Producers’ Bank, which failed yesterday, were not considerable. It had a staff of about 150 and concentrated* mainly on financing pastoralists and agriculturalists. The bulk of the bank’s business was in the eastern States of Australia; nevertheless the fact that it cqllapaed has caused a stir in the various cities.

The Premier, Mr. J. T. Lang, announced that the following would constitute the board of trustees of the reconstructed New South Wales Government Savings Bank; Sir William Vicars, Sir Joseph Clifton Love, Sir John Butters, Messrs. W. H. O’Malley Wood and Mark Young.