RUN ON BANKS

Hokitika Guardian, 4 May 1931, Page 5

RUN ON BANKS

ANOTHER AT SYDNEY. (Australian Press Association.) SYDNEY, May 2. Apparently alarmed by recent developments and by the question asked in the Federal House recently, ns to whether there lmd been any run on the Commonwealth Savings Bank, depositors it) that institution yesterday displayed gome alarm, resulting in consul arable withdrawals. Tu-dny there were long queues waiting in the* street outside of the headquarter ot tlie bunk. The police were controlling the crowds. Those in the queues were anxious to withdraw money. The queues continued till the closing hour at noon.

A SENSATION CAUSED. SYDNEY, May 3. The run on the Savings Bank Department of the Commonwealth Bank, cabled yesterday, caused a sensation in the city and the authorities arc now doing their best to check it. It is regarded as likely that the Commonwealth Bank will decide to ration the withdrawals early in the week. TRADING BANKS. SYDNEY, May 3. Inquiries have elicited the information that a majority of Commonwealth Bank’s customers are transferring their accounts to those trading baiiks°that have external charters including the Bank of New Zealand, or el s e are using safe deposit recep - aclcs.

RUN CONTINUES

ON COMMONWEALTH BANK. (Received 12.20 p.m.) SYDNEY, May 4. Despite Sir R. Gibson’s assurances, a mild run on the Savings Bank department of the Commonwealth Bank continues this morning. Apparently a large percentage of the depositors are merely timid ones, whose confidence in banking institutions has been shaken I>V recent happenings. , The State Bank, head office was heseiged th's morning when it opened for the payment of small allowances arranged for necessitous cases.

THE RUN ABATES. SYDNEY, May 4. A« the morning progressed and the demands at both Savings Banks were dealt with expeditiously, anxiety abated and by forenoon, conditions were approaching normal.