FINANCING THE WAR
ARRANGEMENT WITH BANKS STATEMENT BY CHANCELLOR (United Press Assn.—Exec. Tel. Copyright) LONDON, July 4 The Chancellor of the Exchequer, Sir Kingsley Wood, announced a new arrangement with the clearing banks and the Scottish banks in order to facilitate the financing of the war. The Treasury will take deposits from banks at rates fixable from time to time and for a period of six months. The banks will be entitled to call for their money earlier if they require it. It is understood the arrangement is already working. The tanks Uiis
week advanced a fairly substantial sum in the form of “Treasury deposits” at an interest rate of 1 1-8 per cent per annum. The main idea is to promote smooth and flexible working of the money market and obviate sudden fluctuations ; n the weekly issue of \ Treasury bills.
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Waikato Times, Volume 127, Issue 21158, 6 July 1940, Page 4
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141FINANCING THE WAR Waikato Times, Volume 127, Issue 21158, 6 July 1940, Page 4
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