LENDING FOR TAXES
Less Drain For Bank Funds
The drain on bank funds this year because of tax was less than last year, but sizeable enough at £s3m, the Bankers’ Association Director report. Bank advances rose only £26m in March as against 30m last year, but the fall in deposits of £27m was practically the same as in 1962. Over 1962-63 as a whole, advances were down £l2m and deposits up £lstn, reflecting the improved balance of payments situation and another Government internal deficit.
Seasonally corrected, total credit limits fell during March by £4.5m and are now little higher than a year ago. It is noteworthy that in-terest-bearing deposits with trading banks rose by £2.4m, or 34 per cent, during the year. “On any reckoning this ranks as a contribution towards increased savings.” the directorate reports.
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Press, Volume CII, Issue 30106, 15 April 1963, Page 14
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136LENDING FOR TAXES Press, Volume CII, Issue 30106, 15 April 1963, Page 14
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