THOUGHTS OF THE TIMES.
DISTRUST OF LABOUR GOVERNMENT. The whole occurrence of the N.S.W. banking trouble, furnishes a telling il. lustration of the menace of such financial irresponsibility as the Labour Government is displaying in New South Wales. It is significant that the only banks that have been placed oil the defensive by an unusual run on deposits are Government institutions. The fact that the New South Wales Government Savings Bank was actually free from Government control did not avail to lull tli'e fears of depositors that their savings might be jeopardised if allowed to remain there. The extreme sensitiveness of money caused the crisis which resulted in* the absorption of the New South A Vales Savings Bank by the Commonwealth Bank, and if. was no less the most important factor that contributed to the feverish transactions on Saturday. The repudiation by the Government of New South Wales in respect of interest on its loan indebtedness must, in itself, have engendered a dangerous nervousness among people who have effected savings. —Otago Times.
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Hokitika Guardian, 8 May 1931, Page 4
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172THOUGHTS OF THE TIMES. Hokitika Guardian, 8 May 1931, Page 4
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