BANKING COMMISSION.
THE GOVERNMENT CRITIOIBED. MARKET DRAINED T)F MONEY. . % BIG DECLINE IN DEPOSITS. United Press Assn.—Elec. Tel. Copyright. (Received Feb. 20, 10.40 a.m.) MELBOURNE,-Feb. 20. Declaring that the Federal Government, with its uncasing (borrowing, draining the market of money which should be employed in more productive channels, Mr W. A. Leitch, general manager of the Union Bank of Australia, told the Banking Commission that the deposits of tiie trading banks had declined tremendously during the past six or nine months, and , unless a halt was 'Called the banks might find themselves unable to lend further. Mr Leitch said the stability of the exchange rate was most important. He would be sorry f 0 see an upward move. Replying to a question as to whether his bank was' capable of preventing booms, Mr Leitch staid: “Yes. We are applying a brake to booms in certain quarters now.”
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Bibliographic details
Waikato Times, Volume 119, Issue 19815, 20 February 1936, Page 7
Word Count
146BANKING COMMISSION. Waikato Times, Volume 119, Issue 19815, 20 February 1936, Page 7
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