RECORD BANK DEPOSITS

Dominion, Volume 33, Issue 284, 26 August 1940, Page 10

RECORD BANK DEPOSITS

High Australian Total

Total deposits of the nine trading hanks in Australia for the June duarter were at the record level of £3;>l,4b 1,-37• Tn the previous quarter they totalled £348.852,540. and in the June. 1939. quarter, £322,338,036. This high level is revealed by the aggregate assets nnd liabilities of (h<; hanks compiled recently. Better export prices are the main reason for the big increase in bank deposits, compared with a year ago—nn increase amounting to nearly £30,000.000. .The national income has increased considerably in the past. year, as a result of the sale of Australian products to Britain. The smallness of’ increase in the past quarter, just over. £2,600.000, is due to seasonal factors, and to investment of large amounts in the Commonwealth war loan, war savings certificates, gifts and the interest-free loan. Advances' at £287,797,392 compare with £280.635,311 last quarter, and £292.100,157 a year ago. Excess of deposits over advances for the past quarter is £63.666.845, against £68.2.17.229 last quarter, and £30.237,879 a year ago. These figures indicate the comparative state of the banks’ liquidity. OVERSEAS REMITTANCES Restriction In Australia The maximum amount of Australian Currency which any person may remit overseas by money-order from the Commonwealth has been reduced from £5 a week to £5 a month in the case of. nun-sterling countries. The restriction is imposed under the National Security (Monetary Control) Regulations. Remittances to Britain and other sterling countries are not affected. Until Italy's entry into the war, Italians resident in Australia regularly dispatched largo sums of money overseas by money-order.

Tasmanian Flax Growing

There has been a willing response in Tasmania to the appeal for the growing of flax to meet Britain’s: war requirements. The Australian Government has asked Tasmania to grow SOOO acres of flax, and the sowing of this area with flax seed is assured already. Areas in the northern portion of Tasmania arc especially suitable (or the growing of flax. Two. and possibly three, mills for the processing of the product will be erected in the Stare.