Banks Funds Not Mortgaged
[Per Press Association, Copyright] WELLINGTON. Friday. Interviewed regarding his statement as to the sterling assets of trading banks, Mr R. C. Addison, chairman of the Associated Banks, to-day said that his statement was in reply to a press inquiry concerning a report from Auckland that such funds were mortgaged. Mr Addison explained that all the proceeds of New Zealand exports since the introduction of exchange control were, of course, received by the trading banks overseas for the Reserve Bank, and were subject to certain arrangements with the Reserve Bank, but under such arrangements the trading banks were continuing to distribute available funds in the manner in which they considered most suitable in the interests of their customers and New Zealand as a whole.
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https://paperspast.natlib.govt.nz/newspapers/NA19390603.2.143
Bibliographic details
Northern Advocate, 3 June 1939, Page 11
Word Count
127Banks Funds Not Mortgaged Northern Advocate, 3 June 1939, Page 11
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