loan money for sewerage
Sir. —The chairman, Mr H p Smith, of the Christchurch Drainage Board, is reported in your issue of this morning to look to Post Office depositors for contributions to current Drainage Board loans. In common with many otherwise weli-informed persons. Mr Smith is not yet aware of the m orkings of our "funny"' money system. Deposits with the Post Office Savings Bank at March 31. 1953. totalled £191.273.736. Securico? too Dy , th< i - , bank totalled £191.127.103. of which £188,658 210 was in government securities. These figures are over two years old but probably a similar ratio holds true today. So that practically all the deposits have already been lent. If a depositor withdraws £lOOO to invest in the Drainage Board loan, where does the money come from? Yours etc.. ... DRAMBUIE. October 19, 1955.
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Press, Volume XCII, Issue 27794, 20 October 1955, Page 9
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137loan money for sewerage Press, Volume XCII, Issue 27794, 20 October 1955, Page 9
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