THE FIDUCIARY ISSUE
TEMPORARY EXPANSION MEETING CHRISTMAS DEMANDS (British Official Wireless) RUGBY. Nov, 16, (Received Nov. 17, at 5.5 p.m.) A temporary expansion in the fiduciary issue to meet Christmas demands was announced by the Chancellor of the Exchequer (Sir John Simons) in the House of Commons, He said he had given a direction at the request of the Bank of England and under the powers conferred on tire Treasury by the Currency and Banks Notes Act. that as from the middle of November the fiduciarv issue, which was reduced from £260,000,000 to £200,000.000 last year, should be temporarily raised to £220,000.000. This arrangement was to meet the seasonal demands, and it was therefore contemplated that it would remain for about two months—to the middle of January, 1938. Last December the note circulation reached an all time record for Christmas of £474,115,561, but with the growing prosperity of the country this figure was further exceeded at the height of the holiday season this summer, when the circulation passed the £500,000,000 mark. In view of this it may be anticipated that the note circulation, which was £485,573,281 last week, will touch a new high figure at Christmas-
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Bibliographic details
Otago Daily Times, Issue 23352, 18 November 1937, Page 11
Word Count
196THE FIDUCIARY ISSUE Otago Daily Times, Issue 23352, 18 November 1937, Page 11
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