TAKING MONEY OUT OF CIRCULATION
ASSOCIATED BANKS DENY CHANGES (PRESS ASSOCIATION TELEGRAM.) WELLINGTON, August 18. A statement issued by the Associated Banks to-day said that the Rt. Hon. M. J. Savage’s reported statement tha't the hanks were taking money out of circulation. was not correct. For some years banks had been both willing and anxious to increase their advances, provided satisfactory security was forthcoming. After all, the position largely depended on the demand for advances by customers. Whatever the reasons may be for a lack of increase in bank advances, unwillingness on the part of the banks to lend was certainly not the cause. As a matter of fact, the reduction in advances and the increase in deposits for the three-monthly period ended June 30 was claimed as being perfectly normal. Since that date it was evident from the weekly bank statistics as published by the Government Statistician, -that advances had increased, while deposits had decreased.
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Press, Volume LXXII, Issue 21865, 19 August 1936, Page 5
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156TAKING MONEY OUT OF CIRCULATION Press, Volume LXXII, Issue 21865, 19 August 1936, Page 5
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