BREAKING THE BANKS.

Waikato Times, Volume 108, Issue 18158, 24 October 1930, Page 7

BREAKING THE BANKS.

MR LANG’S THREAT. CONTROVERSY CAUSED. SAVINGS BANK WITHDRAWALS. United Press Assn.—Elec. Tel. Copyright. SYDNEY, October 23. Mr Lang’s threat to break the power of the trading banks has been the subject of considerable controversy and has caused some anxiety. A prominent banker who was interviewed to-day said Mr Lang had no chance of interfering with the constitution of the banks trading in New South Wales, because some of them were established under charters of special Acts of Parliaments outside New South Wales. The banks trading under New South Wales law were working either under special Acts or under the Companies Act, or whatever efforts Mr Lang might make to deprive them of their charters would have to be sanctioned by the Houses of Parliament. An interesting fact is that depositors’ credits in ,the Government Savings Bank at present total £80,723,561 and the deposits in trading banks and the Commonwealth Bank on September 30 totalled £115,281,807. Higher prices ruled on the Sydney Stock Exchange to-day for shares In all the leading local banks in spite of recent political utterances, but it is reliably reported that there have been heavy withdrawals from the State Savings Bank.