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Star (Christchurch), Issue 18188, 22 June 1927, Page 14

Reference to an arrangement mad' recently with the banks by which sum standing to the credit of loan account of a local body may be transferred to the general account in order to re dttce the amount of overdraft was made by the Mayor, the Rev J. K. Archer at the meeting held last night betweei the delegates of the Progress Leagues Conference and South Island member: of Parliament. lie .said that in the past the local bodies had not been abl< to get the banks to regard all tliei: accounts as one transaction. Frequent ly a local body had loan money t». its credit and a debit balance in itgeneral account. Now, as a result 01 representations, credit balances in loai accounts could be transferred to the general account, subject to the condition that the money was repaid or March 31 each year. This arrange meat would enable a considerable amount of interest on overdrafts to be saved.