SYDNEY BLACK MARKETEERS ANXIOUS
(N.Z.P.A.—
Reuter s
Copyright)
Eeeeived -Friday, 8;0 p.m. * SYDNEY,- September 5. t Eroposals for recall oi tlie note issue liave scared-Sydney blaek marketeers into frantic attempts in the past week to get rid of hidden hoards of banknotes. There are ample signs of a wild spending orgy which has calised a boom iil saies of lnxury goodS, expensive clothing, jewellery, furniture and antiques. Others have been doing the ronnds of banks with big-rolls of notes in canvas bags, buying at each the maximum number of savings certi- . cates aliowed to one person. This is -£250 wofth. Some banks report that the saies of certificates have been as miich as five times grCater than normal. . The proposal to.replaee the present note issue will come before the Federal eaueus on September 16. It is estimated that if the Government agrees to the idea up to £150,000,000 in notes now hidden would be recovered.. Store salesmen report that the people are eagerly buying highly priced furniture and fitrs while one jewellery salesman said that the demand was so heavy that "itdooked like a run on the bank."
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Bibliographic details
Chronicle (Levin), 6 September 1947, Page 5
Word Count
188SYDNEY BLACK MARKETEERS ANXIOUS Chronicle (Levin), 6 September 1947, Page 5
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