POST OFFICE SAVINGS.
THE 5£ PER CENT. LOAN.
NO INTER-ACTION NOTED.
BY TELEGRAPH.—OWN CORRESPONDENT.] ■WELLINGTON, Monday.
Suggestions that large withdrawals from the Post Office Savings Bank have followed the issue of the Government's 5|- per cent, local loan, have no foundation, according to inquiries made in official circles. It was authoritatively stated that the Post Office Savings BankDepartment was not aware that the loan was at present haying any noticeable effect on withdrawals, which were normal for this time of the year. It was stated that as the great majority of the depositors in* the Post Office Savings Bank are small investors, however attractive the interest rate was it was counteracted by the term of the loan, and therefore would not invite subscriptions from depositors who wished to withdraw their savings at short notice.
No arrangement, it was indicated, had been made for the preparation of a statement showing the amount of t.lio withdrawals between the date of the issue of the loan and January 23. The point was also made that it would be quite impracticable, even if a return of withdrawals were taken, to estimate what proportion of them had been invested in the Government's offer.
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Bibliographic details
New Zealand Herald, Volume LXVII, Issue 20475, 29 January 1930, Page 14
Word Count
198POST OFFICE SAVINGS. New Zealand Herald, Volume LXVII, Issue 20475, 29 January 1930, Page 14
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