LONDON FUNDS.
• DISTRIBUTION EXPLAINED. (By Telojrrnph.—Press Association.) WELLINGTON, this day. Interviewed regarding hie statement as to the sterling assets of trading banks, Mr. R. C. Addison, chairman of the Associated Banks, to-day eaid that his statement was in reply to a Press inquiry concerning a report from Auckland that aucli fumla were mortgaged. Mr. Addieon explained that all the proceeds of New Zealand exports since the introduction of exchange control were, of course, received by the trading banks overseas as agents for the
Reserve Hank, and were subject to certain arrangements with the Reserve Hank, but under such arrangements the triidine banks were continuing to distrilmte available funds in the manner ' in which they eonnidered most suitable in the interests of their customers and of New Zealand as a whole. (See article on page 10.)
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/AS19390602.2.53
Bibliographic details
Auckland Star, Volume LXX, Issue 128, 2 June 1939, Page 8
Word Count
135LONDON FUNDS. Auckland Star, Volume LXX, Issue 128, 2 June 1939, Page 8
Using This Item
Stuff Ltd is the copyright owner for the Auckland Star. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Acknowledgements
This newspaper was digitised in partnership with Auckland Libraries.