BANKS BESIEGED.

Hokitika Guardian, 12 April 1926, Page 2

BANKS BESIEGED.

FRENZIED RIOTING OF DEPOSITORS. CUBANS DEMAND THEIRSAVINGS. [Australian & N.Z. Cable Association.] jßeo*ived this day at 8 n.m.i NEW YORK, April 10. Hurried calls from the Cuban branches of the Royal Bank and the National Reserve Bank stated that hundreds of their branches throughout the. Republic were being besieged, resulting in frenzied rioting of the do* positors who demanded the return of their savings. This was due to the spread of the rumour that a. moratorium would be declared, and this caused t-lie bead offices of these institutions here to run millions of currency by a gun boat 'and an aeroplane. The moratorium canard was duo to national depression, arising from, the poor .conditions of the sugar trade, which is said to have been heavily bit bv tine American tariff. Tlie run upon tile banks assumed amazing pronortioiis, the Royal S sixtyfivo branches quickly emptying their vaults. HAVANA. April 10. The town is in turmoil. President Maclmda. of Cuba, in an effort to stem tho tide appeared at the Royal Banks Offices at Havana and deposited one hundred thousand dollars of his personal fund, explaining to the crowd not to lose their reason. He stated the Treasury of tlie Cuban Government stood solidly behind the institutions. Hie offices of the various banks kept their staffs busy on Saturday afternoon in loading armoured cars with currency to ship to Cuba, while the Florida banks, only a few hours. 1 distant from the island, reported that they were trnsporting tlieir available funds by fast launches.