COMMONWEALTH BANK

Hokitika Guardian, 4 May 1931, Page 6

COMMONWEALTH BANK

STATEMENT BY SIR R. GIBSON (Received this day s-t 9.40 a.m.) (Australian Press Assovidtion.) SYDNEY, May 4. Sir Robert Gibson, broadcasting to four States at nine to-niglit assured customers that the Commonwealth Bank would never close its doors, lie said the Commonwealth had the backing of the note issue, and he had the authority of the Prime Minister to say that Government would support the Bank Board in any extension of the note issue deemed desirable in any emergency of the bank and would meet every demand upon it. Quite a number of timid people, added Sir R. Gibson feared the Commonwealth Bank would close its doors. “I know no safer place for one’s savings than the Commonwealth Bank, and if anyone thinks he can find a safer place then by all means let him come to the bank and take his money away.” Sir It. Gibson explained that Saturday’s run on the Commonwealth Savings Bank was due to timidity on the part of new customers, who withdrew their savings from the Government Savings Bank and were largely responsible for its failure. Those samel- people, -his officers informed him, were now rushing the Commonwealth Bank to trnns-feb-’aceounts to some other bank, whic-li was thought to be safer. Quite definitely, he wishes to tell those people thaUthe Commonwealth Bank did not want heir "business, and he sooner they took their money out, the better the Commonwealth Bank would like them. The Commonwealth Bank wanted regular and reliable customers.

So far as old customers of the Commonwealth Bank were concerned he could assure them the Bank Board would do nothing to jeopardize their savings in any respect.