HELP BY BANKS

Rotorua Morning Post, Volume 2, Issue 254, 18 June 1932, Page 5

HELP BY BANKS

"Morning Post.")

PROSPERITY OF COUNTRY IS NECESSARY FOR BANKING SUCCESS. CRITICISM NOT JUSTIFIED.

(Special to

WELLINGTON, Friday. Adverse criticism of the banks of New Zealand was referred to hy the chairman of the Bank of New Zealand in his annual report to the shareholders this morning. "One would gather from these criticisms," he says, "that, in the opinions of the eritics, the banks are to blame for many of the problems confronting the Dominions at the present time, that they are oblivious to the . country's best interests, and that they are only solicitous for the earning of the largest possible dividends for their shareholders. "Such is not the case, as all banks fully realise that the prosperity of the country is closely interwoven with their own success and that it is their particular province to see that financial affairs are conducted upon those sound lines, which their many years of experience indicate are essential for its safety and prosperity. They cannot be expected to stand by unprotestingly when sound financial principles are being violated. "It is essential that there should always be a close co-operation between the Government and the banks in all sehemes of financial policy, if national difficulties capable of praetical solution are to he surmounted as speedily as possible. Critics and other people of the Dominion must concede that if it had not been for the financial resources and strength of the banks to meet the requirements, not only of the Government, but also of their customers generaliy during the past year — the position of the Dominion and its people to-day would have been in a very deplorahle state indeed."