BRITAIN’S “BIG FIVE”

Grey River Argus, 6 February 1941, Page 4

BRITAIN’S “BIG FIVE”

Banks’ War Loans OVER 400 MILLIONS. [British Official Wireless] (Received February 5, 5. 5p.m.) RUGBY February 4. The Chancellor of 'the Exchequer, replying to a question in the House of Commons, said that the published accounts of the five leading banks did not enable him to state precisely what amounts have been lent by them direct to the Government since the beginning of the war. The following figures, however, give some indication of the sums involved:— In the period from August, 1939, to December, 1940, the deposits of the five leading banks increased by 473 millions sterling, which, together witn decreases in their advances of 59 millions, increased their liquid assets by 532 millions. Their cash balances, money at call, and the like, and cheques in the course of circulation, increased by 130 millions sterling, and the balance of 402 millions was accounted for by an increase of 262 millions in bills discounted—these consisting almost exclusively of Treasury bills and Treasury deposits—and by the large increase of 142 millions in investments. These investments were almost exclusively in Government securities. BRITISH REVENUE. ■ LONDON, February 5. Exchequer returns show the year’s revenue has reached a thousand milloin sterling last week A further 336 million sterling must be found before March 31,