RESERVE BANK NOT NEEDED
AUSTRALIAN x BANKER’S VIEW. SATISFIED WITH POSITION. By Telegraph—Press Assn.—Copyright Melbourne, June 2. Replying to critics of the present banking system Sir James Elder, chairman of the National Bank of Australasia, said that there was no need for a reserve bank while the Commonwealth Bank already fulfilled its functions most satisfactorily. The Commonwealth Bank enjoyed the full confidence of the trading banks and had been a tower of strength during the crisis, from which the nation was only now emerging. Regarding the accusation that the banks had refused to make credit available, the facts were that the ratio of advances to deposits had increased from 87 to 103 per cent, between 1929 and 1932, including advances to Governments, and the total amount advanced in 1932 had been £286,000,000.
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Taranaki Daily News, 3 June 1933, Page 7
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132RESERVE BANK NOT NEEDED Taranaki Daily News, 3 June 1933, Page 7
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