EXCHANGE OF BANKS
COMMANDEER RUMOUR DENIAL BY MR. SAVAGE [I!Y TELEGItArn —OWN CORRESPONDENT] CHRISTCIIURCH, Sunday A rumour that tho Reserve Bank had commandeered all the sterling exchange balances of tho trading banks gained wide currency in the city over tho week-end, but it was denied this evening by the Prime Minister, Mr. Savage, in a telephone interview from Wellington. It was stated in Christchurch that tho balances, which amounted to more than £-1,000,000, had been taken over to build up tho llcservo Bank assets ratio. "1 have no time to givo to rumours," said Mr. Savage. "I am being asked all tho time to answer suggestions and I am not going to take them on. There is nothing in this last one at all." Mr. It. G. Addison, chairman of the Associated Banks, said ho had heard nothing of tho suggestion and 110 thought thero was nothing in it.
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New Zealand Herald, Volume LXXVI, Issue 23358, 29 May 1939, Page 8
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149EXCHANGE OF BANKS New Zealand Herald, Volume LXXVI, Issue 23358, 29 May 1939, Page 8
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