Milford chronicle., 1931-09-18
GOVERNOR BUCK
CRITICIZES STATE
LAWS ON BANKING
[COntinued from First Page]


tion to Delaware's charter business
which is the chief source of the
States revenue in the general fund
This amounts to approximately $5,-
100000 a year.
eff any of the other states,
through better. service, can get this
very lucrative business away from
us, it will be a serious day for Del
aware" he said. "TO raise $5,00O,000
more annually on income or per-
sonal property taxes from our citi-
zens would be a dangerous under
taking, and simpler procedure is
to make Delaware an even more at
tractive place for big business to
incorporate. A step in this direction
will be the creation of a separate
Supreme Court towards which the
last Legislature moved when it
passed an act to amend the COnsti-
tuition to allow for such tribunal.
Similar action by the next Legisla-
ture is necessary and l hope it will
be Forthcoming"
Opposes Small Capital For Banks
Governor Buck criticised the pres
ent banking laws of the State
which permit group of men, with
the permission of the Legislature, to
obtain a charter for a new bank
with no more than $25,000 capital
He said it tends to invite traffic in
bank charters and encourages the
opening of banks that are too small
to compete with the older and
stronger institutions.
Personally, he said, he thought no
bank should begin with less than
$4,000 and that State banks should
be restrained from investing more
than 10 per cent of their capital and
surplus in common stocks. He also |
recommended the cOdificatiOn of the |
State banking laws and said he was
considering inviting five or six
bankers of the State to study the |
banking laws and make report |
with recommendations to the next
Legislature.
Officers Elected
At the business session in the af-
teTnoon the following officers were
elected for the ensuing year: Presi-
dent, J. Edward Goslee, of Mills
boro; vice president, Daniel Hirsch,
secretary and treasurer,
Warren X. Ayres, Wilmington. Mr..
Goslee succeeds Francis dell. Jan
vier, of New Castle.
The executive committee named
Howard NJ. Buckson, of
Dover; Haldeman c. Stout, Will
nington, and George S. Williams, of
MillsborO.
Governor C. Douglass Buck was
elected as a member of the advisory
which consists of five
members from each of the three
of the State.
Other members of the advisory
from New Castle county
in addition to Governor Buck are I
Henry H. Bush, chairman; S. D.
Townsend. Scott S. Baker and War
zen A. Singles. t
Kent county members include:
Walter o. Hoffecker, Smyrna: s
Charles F. Conwell, Camden; Will
lam D. Denney, Dover; Frank c. ]
Camden.
Sussex county members are: Har- 7
y W. Viven, Bridgeville; William p.
Jrr, Jr., Lewes; William S. Lord, ]
greenwood; William V. Sipple, Jr., {
J. Roscoe Elliott, Laurel. I
VIII Attend National Convention t
Officers of the American Bankers (
association for Delaware will act as t
elegates to the sessions of the t
National Convention of the associa- C
ion which will convene in Atlantic \
'ity, October to 8. The officers C
re: Vice president for Delaware, C
.evi l.. Maloney, president of the t.
ecurity Trust Company, Whining Ii
on; Trust Company Division, Caleb O
Steward, vice president Will "
l1ngton Trust Company; member
xecutive committee, U. S. Senator
ohm G. Townsend, Jr., Selbvville: G
Ice president savings bank division. r
obert D. Kemp, president Artisans it
aving Bank; vice president Nation fl
Bank Division, John Carrow, fl
resident First National Bank of Do a
er; vice president State Bank De- a
artment, Solomon L. Sapp, Har- W
ngton; member nominating com S
ittee, Alexander f. Crichton. Will j
ington; alternate member nomi- fl
ating committee, Hugh w. Hooker, S.
ewes. Il
At the banquet which concluded bt
lie days session w. Walter Wilson, 81
resident of the First National Bank /!
Milton, Pa, and immediate past II
of the Pennsylvania Bank al
s Association, made an address IL
the "Work of Country Bankers" 81
e was followed by Governor C. &C
Ouglass Buck, who is president of in
e Equitable Trust Company, of te
ilmington. w
81