CLEARANCES OF CHEQUES

Press, Volume CI, Issue 29824, 17 May 1962, Page 17

CLEARANCES OF CHEQUES

April Figures Show Decline

Cheques cleared through the trading banks in April this year were 7 per cent, lower than in April, 1961, making a 214 per cent, fall for the four months ended April 30. Import payments in this period were, however, well down so that the fall in cheque clearings is consistent with the maintenance of internal business activity at about the. same level as last year. These figures are given in a statement from the research directorate of the New Zealand Bankers’ Association.

‘‘Trading bank deposits rose by £lO million in April mainly on account of the marked fall-off iri import payments but at the end of the month they were still £l3 million below the April, 1961. level, reflecting the progressive reduction tn bank advances over the last year. Interest - bearing deposits, however, showed a slight increase.

“Because of the timing of Easter and Anzac Day this year the number of cheques in transit on the last balanee day of April was exceptionally small, which means that the recorded level of advances was exceptionally high. The real reduction in overdrafts achieved during the month was certainly greater than the £4 million shown by the figures—perhaps as much as £lO million,” the statement says