BANK RETURNS.
The bank returns for the June quarter are a reflection of the disturbance to economic conditions caused by the fall in prices. A year ago deposits' exceeded advances by more than nine and a half millions. Last quarter there was an excess of advances of £315,000, so that in the twelve months the position has changed unfavourably to the extent of ten millions. The free deposits are lower than in any June quarter since 1918, and. are seven millions below the figure for 1925, which was the year before unemployment began to be a serious problem. Advances, on the other hand, are almost a record, are higher than in any recent June quarter. They have risen in 12 months from £47,407,000 to £54,063,000. That is to say, much less money has been received for exports, and the banks have been called upon for a greater amount of accommodation. Another interesting feature is the record high level of fixed deposits. Five years ago free deposits exceeded fixed by nearly ten millions, but this year fixed exceed free by nearly seven. The volume of fixed deposits is indicative of the country's wealth, but it also shows that reluctance to invest in new industrial enterprises persists.
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Auckland Star, Volume LXI, Issue 164, 14 July 1930, Page 6
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205BANK RETURNS. Auckland Star, Volume LXI, Issue 164, 14 July 1930, Page 6
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