PAYMENT OF TAXES

Press, Volume CVI, Issue 31321, 17 March 1967, Page 16

PAYMENT OF TAXES

Banks Want To Spread Impact Measures are needed to spread the impact of tax payments and lessen the disruption they cause, says the New Zealand Bankers’ Association Research Directorate. Each year as tax ’ cheques are paid the trading banks have to cope with an everincreasing runoff of their liquidity. Except to priority export sectors, bank lending remains severely curtailed in line with Government policy, says the directorate. Advances Advances and discounts were £8.2 million higher at £233.5m on February 22, compared with the same date last year, and total credit limits were £15.1m higher at £407 6m. On January 25, advances and discounts were £232.8m and total credit limits £408.4m. Trading bank borrowing from the Reserve Bank on February 22 was nil, indicating that banks were not being forced “into the red.” Their lending was within targets and remains very close to them, says the directorate. DIVIDEND Cuthrle Bowron And Company, Ltd., Dunedin. —Interim 4 per cent, 3 per cent pref., payable April 14, ex April 8. (Last year 3i and 5i per cent ord.)