DOMINION’S BANKING

Evening Star, Issue 20998, 12 January 1932, Page 5

DOMINION’S BANKING

POSITION SOUND AND STRONG SIR MARK SHELDON'S OPINION 1 The soundness and strength of the banks in New Zealand was emphasised on Saturday by Sir Mark Sheldon, a prominent Australian business man and company director, and a director of the Australian Bank of Commerce when it recently merged with the Bank of New South Wales. In an interview with the Christchurch ‘ Press 5 Sir Mark declared that the latest bank returns showed nothing to give the New Zealand people a moment’s anxiety, but on the contrary proved that the banks had the present situation well in hand. “ In the figures published one notices the switch from free to fixed deposits,” he said. “This is very natural, and is the usual result of a recession in values. In difficult times people lose confidence in their own judgment, and prefer to play a safe game and leave it to the banks rather than to invest money themselves. Further, there is the fact of decreased incomes: men find it necessary to employ all their funds at interest rates. “ The position generally disclosed by your figures certainly shows a trend of affairs in the right direction, and New Zealand need have no concern as to the banking situation, for the statement shows that the banks have the situation well in had. This should bo a matter of great satisfaction to their clients and to the public of the dominion. “ Their position is very strong,” he ended, “ and, though, of course, there have to be readjustments of advances and a writing down of values, there is nothing disclosed in these figures to give sew. Zealand one moment’s