ADVANCES BY BANKS

Press, Volume CIV, Issue 30930, 10 December 1965, Page 23

ADVANCES BY BANKS

Reflection Of Squeeze

Reflecting the current credit squeeze, trading bank advances were reduced by more than £2m and total credit limits by more than £sm in November.

This is reported by the New Zealand Bankers’ Association research directorate.

Steady pressure is being maintained on the trading banks to achieve the end-of-year targets set by the Reserve Bank. The mid-November classification of advances shows that lending to export and associated industries in the last year rose by 25 per cent. This compares with a 7 per cent increase in other advances.

Largest increases were £sm to stock and station agents, £3m to meat freezing companies and £3m to wool buyers.

Advances to fanners and dairy companies also rose. Private savings banks opened in the Hawke’s Bay and Gisborne regions on November 21.

At the end of the month total deposits for all areas where these banks operate stood at £s4m.

Indices

Latest chare price tadicee are:—

Loadea.—Financial Timas (inmistrial ordinary IMS, equals IM; Government. IMS. equals 1M: cold. IMS. equals IM): IMS Industr. Govt. Gold Oct 1 .. 377.8* M.15 M.S Dec SI .. 355.0 TOM C8-S IMS Dec. S .. 342.3 71.47 50.7 Dec. 7 .. 343.4 70.54 M.S Dec. 8 .. 345.1 70 .27 M.S Mew York.—Dow Jones: 1SS4 Bails. Indust. sold Dec. SI MS 34 874 15 4.470,000 IMS Nov. 4 337.M MI SS’ SJM.SM Dec. 3 243.70 MS.IS S.1M.SM Dec. S 340.80 030.53 11.440.SM Dec. 7 343.55 M1.3S 3.340.0M Dec. 5 043.53 044.00 10.1M.0M Sydney.—Sydney Stod change (July. 1031. June. *** ***) Beta*. Ord. BZ1330. tedust Feb. S3 .. 473.M 370.31’ 305J4 Dec 31 .. 434 TS 3S7M 3MU 1005 Dee. 7 .. 355.30 S14.3S SM.1S Dec. 3 .. 355.41 313.54 344.50 DOC. 0 .. 355.13 313.00 M5.M •Peak