FREER CREDIT IN AUSTRALIA
Commonwealth Bank Instruction (N.Z. Press Association Copyright! MELBOURNE, December 10. The Commonwealth Bank has advised major Australian trading banks to extend more credit, except for hire-purchase or instalment selling. This policy decision on credit was announced last night by the Governor of the Commonwealth Bank (Dr. H. C. Coombs).
The Commonwealth Bank statement said that the Central Bank had advised the trading banks to continue a rate of lending that would give some increase in advances this financial year. Business leaders and primary industry representatives welcomed the announcement. The Federal director of the Associated Chambers of Manufacturers (Mr R. W. C. Anderson) said that the credit easing, though belated, would give the economy a much-needed shot in the arm. The general manager of the Victorian Chamber of Manufacturers (Mr A. N. Curphey) said: “This is a realistic step taken by the Central Bank. It is a great pity that it takes a drought to precipitate an easing of bank credit.”
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Press, Volume XCVI, Issue 28457, 11 December 1957, Page 19
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164FREER CREDIT IN AUSTRALIA Press, Volume XCVI, Issue 28457, 11 December 1957, Page 19
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