OVERDRAFT POLICY

Press, Volume CII, Issue 30286, 12 November 1963, Page 25

OVERDRAFT POLICY

Accomplishment “Difficult” The series of quarterly targets for bank advances set by the Government, through the Reserve Bank, could be difficult to accomplish, according to the Commercial Bank of Australia. In its latest economic review of New Zealand, the bank says the buoyant state of the economy and particularly the high level of imports could make advances totals difficult to accomplish. “There can be no doubt that the stringent controls on the banking system over recent years have had the desired effect, with other measures, of moderating inflationary pressures, but preoccupation with stability may, in the longer run, have serious adverse effects on the economy,” the bank says. Between 1959 and 1963 advances rose £27 million, whilst deposits rose £5O million, Since 1961, advances fell £2O million, whilst deposits rose £lO million

Fletcher £lm Project

(N.Z. Press Association) AUCKLAND. November 11. The Fletcher Trust and Investment Company, Ltd., will spend up to £lm on the development of a commercial centre at Pakuranga. Tenders will be called for site development next month and the first shops should be open for business by May, 1965.