ADVANCES IN AUSTRALIA

Press, Volume CVI, Issue 31079, 7 June 1966, Page 17

ADVANCES IN AUSTRALIA

4000 m Dollar Mark Passed (N.Z. Press Assn—Copyright) SYDNEY June 5. Overdrafts approved by the major trading banks jumped 31.4 m dollars in May to pass 4000 m dollars for the first time. Overdraft limits at May 11 stood at 4,020.6 m dollars. The rise in May compares with 19.8 m dollars in April and 14.4 m dollars in May last year. The banks approved new and increased overdraft commitments at the average weekly rate of 24.2 m dollars in the four weeks to May 11. This is the highest weekly average for more than 15 months, and compares with a weekly rate of 23.2 m dollars in April and 21.8 m dollars in May last year. Term loans approved averaged lm dollars a week in the four weeks to May 11, compared with 1.3 m dollars a week in April and 900,000 dollars a week in May last year. Lower Rate The research director of the Australian Bankers’ Association (Mr R. B. Cameron) says the rise in overdrafts approved was because of an increased rate of lending by the trading banks, coupled with a lower rate of reduction and cancellation of existing limits. Several factors caused the rise in overdraft limits and the higher rate of new lending. he says. These included seasonal liquidity pressures in the economy, continuing need to assist drought-affected farmers. and the need to sustain activity in the building industry.

Shares Split.—Donaghy s Rope and Twine 20s shares will be subdivided into shares of IBs each. Shareholders will be asked to approve the change at the annual general meeting on July 14. The shares will be called as 10s units on July 15. —iP.A.)