BANK RATES.
REPLY TO CRITICISM. (BY TELEGRAPH—PRESH ASSOCIATION.) CHRISTCHURCH, May 23. In a speech at a public gathering on Saturday, Mr J. Mac Gibbon, the Christchurch manager of the Bank of New Zealand, said that there were hundreds of amateur financiers in New Zealand who thought that they could run the banks a long way better than the directors oould. The wouldbe critics complained that the banks had enormous reserves, but what would have happened in 1921 if the New Zealand banks had not been as strong as they were? If the banks increased the rate by half per cent it was absolutely necessary to do so. The main reason was that the deposits had fallen off largely. The banks had to use deposits, and if the deposits shrank the money the banks had to lend naturally shrank also.
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Hawera Star, Volume XLVI, 23 May 1927, Page 9
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139BANK RATES. Hawera Star, Volume XLVI, 23 May 1927, Page 9
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