BANKING RETURNS
SEPTEMBER QUARTER. INCREASE IN DEPOSITS. HIGHEST FOR FIVE YEARS. "NO WARRANT FOR LACK OF CONFIDENCE." (By Telegraph.—Press Association.) WELLINGTON, this day. The bank returns for the September quarter disclose healthy monetary conditions. One feature is that the spending power is higher by £729,407 than it was a year ago. All classes of deposits have increased, ae compared with the same period in 1028, the total increase being £3,143,061, of which Government money is £1,170,4.33. The increase in fixed deposits is £1,349,277. The aggregate of deposits, excluding Government, is £54,568,626, which is the highest of any September .quarter for five years. Advances show an increase of over four and a half millions. The figures as a. whole are considered quite satisfactory and show sound economic conditions. The official statement, however, concludes by saying: "There is still apparent a lack of confidence for which there is really no warrant." Increased Deposits. Details of the three classes of deposits for the September quarter of this and last year are as follow:— Sept. 1928. Sept. 1929. Increase. (Jovt. £1,(528,687 £2,799,140 £1,170.453 Free . 23,344,954 23,968,20.", 623,341 Fixed 29,251,064 30,(500,331 1.349,267 Totals £54,224,705 £57,567,766 £3,143,061 The aggregates of the free and the fixed deposits are the highest in any September quarter in the last five years, as appears from the following summary: Sept. Quarter Free. Fixed. Totals. 1925 £26.811.702 £20,941,603 £47.753,125 192(5 24 907,961 21.074,892 45,982.853 1927 21815,504 23,398,246 45,213.750 192S 23,344,054 20,251,064 52,596,018 1929 23,968,295 30,600,331 54,508.026 Discounts and Advances. Taking the September quarter of each of the last five years, the excess of deposits over advances is disclosed in the table below:— Sept. Quarter Deposits. Advances. Excess. 1925 £47,753 425 £44,975,360 £2,778,065 1926 45,982)853 48,323,946 *2,341,093 1927 45,213,750 48,815,231 *3,601.481 192S 52,596,018 45,119,424 7,476.594 1929 54,568,626 49,537,992 5,030,634 ♦Excess ■of advances.
The note circulation shows a slight increase as compared with the corresponding quarter of last year, but coin, and bullion have contracted. The latter cover the note circulation with a million to spare, the average circulation having been £6,272,353, as against £6,106,287 last year, while the metal reserve has declined from £7,350,045 to £7,109,873.
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Auckland Star, Volume LX, Issue 241, 11 October 1929, Page 10
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353BANKING RETURNS Auckland Star, Volume LX, Issue 241, 11 October 1929, Page 10
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