BANK FAILURE

Hokitika Guardian, 26 August 1931, Page 5

BANK FAILURE

EFFECT NOT VERY NOTICEABLE.

(Australian Press Association.)

SYDNEY, August 25. Compared with tbe other trading banks, the activities of the Primary Producers’ Bank, which failed yesterday, were not considerable. It had a staff of about, one hundred ana nfty, and it concentrated mainly on* financing pastoralrsts and agriculturists. The bulk of its business was done in the Eastern States of Australia. Nevertheless the fact that it- has collapsed caused a stir in the different cities.

SINISTER PLAN.

TO SMASH FINANCIAL INSTITUTIONS.

SYDNEY, August 25.

The Leader of the Opposition in the New South Wales Assembly, Mr T. Bavin, speaking in the Assembly on the New South Wales Government Savings Bank .Bill, declared that there was an organised attempt some months ago to magnify the run on the Commonwealth, Bank, following on the closing of the New South Wafe s . State Savings Bank. He had definite knowledge, he said, that as least one hundred men joined the queue on the fateful Saturday moning, passed. through the Bank, and out the opposite door, afterwards joining up with tho queue and repenting the performance several times.

Mr Bavin described it as “a dastardly attempt to shake public confidence /and intensify fears that another bank would crash, it being part, of a sinister plan to smash financial institutions.”

N.S.W. SAVINGS BANK BOARD.

SYDNEY, August 25. * Referring in the Assembly to the N.S.W. Savings Bank Bill, the Premier, Mr Lang, announced that the following would constitute the Board of Trustees of the reconstructed Nr South Wales Government Savings Bank—-Sir William Wicars,. '.Sir • Joseph Clifton Love, Sir John Butters, Mr W. H. O’Malley Wood,'’and’ MiMark Young. '’ .Cgfft v