april memories / 21

NOTHING NEW UNDER THE SUN (ALMOST)

21st April, 1931 : The New South Wales Savings Bank has closed its doors, pending talks on a merger with the Commonwealth Savings Bank of Australia. The Commissioners announced that the bank had ceased operations, and said the merger would protect the interests of depositors. On the last day of trading, thousands of people withdrew their savings in Sydney, and the rush extended to Broken Hill. The London branch of the bank has been ordered to suspend operations until further notice. The Prime Minister, Mr Scullin, announced help would be given to embarrassed depositors, through the Commonwealth Bank. News of the closure was received with gloom at Trades Hall, where it was thought to be an indication of the fall of the Lang Government. Many unions and their members had all their money in the bank.

[No such danger today. Trade union officials have their money overseas]

About Avadoro Worden

Iconoclast
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