RANKING OPERATIONS

Manawatu Standard, Volume LXV, Issue 184, 5 July 1945, Page 5

RANKING OPERATIONS

AIR LANG STONE’S QUESTIONS WELLINGTON, July 5.

Treasury bills totalling £7,115,000 held by the trading hanks which fell due on ATareh 21. 1945, were redeemed at maturity by the Reserve Bank, said the Alinister of. Finance (Mr Nash) in reply to ail urgent question by Air F. Langstone (Lab., Waimarino). in the House of Representatives yesterday. asking for particulars of the transactions which had been responsible for the reduction in the amount of Government securities held in the trading banks. In a note to his question Air Langstone said that in the Afarcli-April, 1945, statistical summary of the Reserve Bank of New Zealand, it was recorded that the Government secutriies held bv the trading hanks had amounted to £36.139,000. in February, and in March had been reduced to £29,025,000. a reduction of £7,114,000 in one month.

“Has the Government redeemed this stock, or have the trading banks sold these securities on the open market!’” asked Air Langstone. If the latter. he asked if information could be given as to who were the purchasers of the securities.

Air Langstone also asked for a re turn to be tabled showing for the period Alareh 31, 1931, to March 31, 1945, inclusive, the annual amounts placed to the following reserve accounts in the books of the Bank of Mew Zealand: Provision for bad and doubtful debts not required; recoveries; surplus on realisation, etc., of investments; further provision for had and doubtful accounts; transfer to and from contingencies: the balance held in the lrad and doubtful debts account; the balance held in the contingencies account; the balance held in the exchange fluctuations account; the value of the laud and premises property account ns recorded for rating purposes in the rate books of the local governing authorities within New Zealand.