REDUCTION OF OVERDRAFTS
Banker Comments On “Difficulties”
The trading banks have been cooperating with the Reserve Bank’s credit restriction policy, but they have found it difficult to reduce advances further during the year to any marked extent. [Advances and discounts fell £6 8m to £ 179.3 m in the year ended May 6. J Mr A. H. Ensor, chairman of directors of the National Bank of New Zealand, says this in his address to shareholders, to be presented at the annual meeting in London this month.
Farmers have needed additional assistance from the banking system during the past year or so because of the sharp fall in their incomes. Mr Ensor says. There is also “the conviction that some advances are in the national interest, and should therefore be granted by the banks.”
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Press, Volume XCVIII, Issue 28911, 3 June 1959, Page 16
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132REDUCTION OF OVERDRAFTS Press, Volume XCVIII, Issue 28911, 3 June 1959, Page 16
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