MARCH BANK RETURNS

Evening Post, Volume CV, Issue 87, 12 April 1923, Page 6

MARCH BANK RETURNS

DEPOSITS EXCEED ADVANCES SUBSTANTIAL IMPROVEMENT MAJDE. Great headway has been made in tha banking position of the Dominion during the pagt three months. For the first time since the admittedly most difficult period in the financial history of the country, viz., from June, 1920, onwards, the money deposited by .the public with the banks exceeds the aggregate amount of that by which the public is indebted to the banks in the matter'of overdrafts and bills discounted. The de- ! posit* for the first quarter of 1923, as compared with those for that of 1922, were as follow:— ■

Increase for March, 1923, over first quarter of 1922, £3,105,424. H . ' The advances,'"' or overdraft*, with dhe bills .discounted for the quarter just closed." as compared with' that corresponding for 1922, compare as follow:—'

Decrease in combined advances-and discounts, for the quarter in review, as compared with that ended 31st March 1922,- £3,569,748. Comparing the combined deposits with the combined advances and discounts, -the highly satisfactory position as it u to-day is disclosed as under:— March, , 1923.. : £ I Deposits 43,465,814 Advances 42,521,568 Excess deposits ...... £944,246 March, 1922. ■■; Deposits 40,360,390 ' Advances _ 46,491,316 'Excess advances ...... £6,130,924; It may be interesting here to show how since March, 19H, the relations between advances and deposits have stoud, as the pre-war returns and the post-war years! of heavy losses are included. The table for the March quarters of tlie past few years is as here given :—Year of ! 1914 is given, with the difficult post-war years that followed the Armisticeli-

* Excess of advances over deposits. . There has been a wonderful recovery made in the indebtedness of the pubjic to the banks during.the past quarter, as the above figures will show. The peak of indebtedness of the public to 4 * the ' banks- was reached in the June quarter of 1921, when I advances exceeded deposits by £19.808,- ---: 512. The reduction.has gone steadily on until the satisfactory point has now been reached of the banks being nearly £1,000,000 in debt to ths public, comparing money received oh deposit with the -amount' of accommodation that has been-provided.;7 '■ ' The .average note circulation at the end of the March quarter of the year was £6,632,182, or £878,269. Coin in bullion held by the banks amounted at 31st March to £7,929,266, an increas* over March, 1922, of £151,286.

. March, 1823. £ Free deposits ...... 26,445,501 Fixed deposits _ 17,020;3i3 March, 1922. £ ■■.- -24,139,746 16,221,644 £43,465,814 £40,360.390

March, 1923. £ Advances 40,785,394 Discounts 1,736,219 March, 1922. £ 44,752,178 1,739,138 42,521,668 . £46,481,316

Deposits. Advanoes. ExcessMarch, £ £■ £ 1914 24,035,250 23,666,751 363,500 1918 ..".... 35,505,497 29,317,895 6,187,602 1919 38,848.826 32,203,627 6,645,171 1920 50,665,091 32,042,043 18,623,048 1921 ...':.. 47,155,731 52,446,341 *5,290,610' 1922 40,360,390 46,491,316 *6,130,524 1923 ...... 43,465,814 42,521,568 944,246