MONEY FOR XMAS.

Auckland Star, Volume LXVII, Issue 285, 1 December 1936, Page 9

MONEY FOR XMAS.

BANKS NOW READY. BIG DEMAND EXPECTED. NOTES AND SMALL CHANGE. Hidden deep down in the great vaults of the Auckland trading banks in readiness for an anticipated rush for money at Christmas is a sum probably in excess of £150,000, in addition to the ordinary reserves carried by each bank. Many thousands of pounds, in notes, silver and copper have teen transferred from the Reserve Bank at Wellington in the past few days to the Auckland banks. There is always greater activity in the banks during the Christmas period than at other times, but inquiries at several banks this morning revealed that business this year is likely to l>e bigger than for many a year. Before the Reserve Bank came into being, it was the duty of certain bank officers to sign and countersign thousands upon thousands of 10/ and £1 notes in readiness for the extra demand for money during the Christmas shopping activities and the holiday period. That, however, is not necessary now, for the extra money needed by the trading banks is supplied by the Reserve Bank in Reserve Bank notes bearing the signature of the governor, Mr. Leslie Lcfeaux. The signature is printed. When the extra money arrives at the Auckland banks from Wellington there is little work for the local bank officers, for it arrives in neat little parcels, according to its denomination.

Shopkeepers at this time of the year make a frequent and heavy demand for small cliange, and in preparation for this one of the leading banks has secured as a standby 120.000 pennies, 40.001) threepenny bits, 24,000 sixpences, 20,000 shillings, 10,000 florins and 12,000 lialfcrowns. Most of the oth?r banks will probably have about an equal number of coins in the various denominations. All this money is in addition to the ordinary" supplies held by the banks in normal times.