TRADING BANKS
Deposits Rise, Advances Fall
Trading bank deposits rose by £Bm in April and advances fell £3m, says a report from the New Zealand Bankers’ Association Research Directorate.
This left an £llm increase in bank funds. However, this is still £9m lower than at the same time last year. Woolbuyers’ overdrafts were up because of high wool prices, continues the report. Higher schedule prices and increased stocks have made increased finance for meat exporters necessary.
"The growing practice of inter-company borrowing and lending is reflected in a high utilisation of overdraft limits at this time because many lenders have had to call in their loans in order to meet tax commitments.
“This practice is also partly responsible for the big increase in cheque clearings," the report adds.
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Bibliographic details
Press, Volume CIII, Issue 30442, 16 May 1964, Page 16
Word Count
128TRADING BANKS Press, Volume CIII, Issue 30442, 16 May 1964, Page 16
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