BANK CHAIRMAN

Hokitika Guardian, 28 August 1931, Page 5

BANK CHAIRMAN

APPEAL TO DEPOSITORS.

(Australian Press Association.)

(Received this day at 9.25 a.m) MELBOURNE, August 27

Sir Robert Gibson, Chairman of the Commonwealth Bank Board to night issued a statemnt re-assuring depositors in the West Australian Government Savings Bank, urging them t’o have no fear that their savings were in jeopardy as the Commonwealth Bank was standing, behind that Bank, until the West Australian Government passed the legislation'necessary for amalgamation. Local depositors will be paid in full whatever happened. He urged them to pay no attention to mischievous rumours and to cease withdrawing the savings, which recently caused the gravest apprehension. Gibson also explained for the benefit of depositors throughout Australia, that the banking position had been greatly strengthened for years. The Commonwealth Bank was holding large deposits of trading banks who looked upon the Commonwealth Bank as a sort of central reserve bank, which could issue currency in the form of national notes iu any emergency, and in times of national wellfare. A loss of confidence in the banking system would bring cn added spell of disaster. He expressed the hope that the people would remain calm,