SIX SHOPS CLOSING
Credit Squeeze Blamed (N.Z. Press Association) PALMERSTON N„ Dec. 12 At least six retail businesses in Palmerston North may close as the result of what the proprietor of one today called “the general economic scare.” This man’s business has already been closed. When businesses did not have access to sufficient bank credit, overtime became less and the workers had less to spend in the stores and less with which to pay old accounts, he said, and the retailers were forced into a position where they could not carry on. He said his bank had been extremely good to him in spite of the credit squeeze but the time had arrived when he had to close down He said the general “scare” in the country had a lot to do with the position So many Parliamentarians had been speaking about over-spending that people were now frightened to spend, even when they could afford to.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19611213.2.142
Bibliographic details
Press, Volume C, Issue 29695, 13 December 1961, Page 18
Word Count
156SIX SHOPS CLOSING Press, Volume C, Issue 29695, 13 December 1961, Page 18
Using This Item
Stuff Ltd is the copyright owner for the Press. 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 Christchurch City Libraries.