P.O. SAVINGS BANK

Hokitika Guardian, 30 November 1931, Page 6

P.O. SAVINGS BANK

FAILURE UNDER LABOUR GOVERNMENT. The closing of the 'Government Savings Bank in New South Wales was a serious blow to 1,300,000 depositors, many of whom were unemployed. In connection with this, Mr H. D. Hall, ],Resident of the- Bank, stated that the Institution was solvent. But under a Labour Government with its talk of repudiations, and the consequent destruction of confidence, it had become impossible' to realize investments to meet the claim-s of depositors. To-day in New Zealand we are fortunate enough to escape such a serious ■ predicament and this may largely be attributed to the fact that the Government retains the confidence of the people in its soundness. With the return of the Coalition Government will certainly come a. revitalizing of trade' generally, and through this complete safety for the future of the future'of the' N.Z. Savings Banks. The bitter experience undergone by Australian depositors should be a lesson to New Zealand. The Labour Party are prepounding a. policy in all major respects similar to that of the New South Wales Government, which, finally led to such disastrous results. \

(Repudiation, compulsion, organisation of credits, and a mad-hatter policy of finance generally will lead to a complete loss of ail confidence. There fs no doubt that the people doing the worker most harm are members of the Labour Party, with their policy of lunacy.

Stability and confidence are the foundations for the future, and wellbeing of every person in this Dominion depends upon them.—L.lo.