GENERAL CABLES

Hokitika Guardian, 22 April 1931, Page 6

GENERAL CABLES

REFLOATED. , United Press Association—By Electric „ Telegraph.—Copyright.) HONG KONG, April 21. H.AI.S “Sterling” has sent a wireless message from Hainan Straits that the Limehow has been refloated.

WITHDRAWAL OF FUNDS (Received 10-20 a.m.) SYDNEY, April 22. Tim “Herald” says the suggestion for the absorption of the New South Wales Government Savings Rank by the Commonwealth Savings Rank has arisen because of tin- substantial withdrawals from the State Rank extending over a period commencing from October last, and, as new deposits have not come in as Ireely as hereto-iore. there has been a drain on the cash resources ol the bank. It lias been iecognised that the economic conditions prevailing have affected all the Savings Ranks in Australia for the past vear. and so causing tin- abnormal withdrawals of deposits. In other States, however, the difficulty was recently overcome by the lessening ill the rate of withdrawals and an increase ill tin- deposits, but the untnvourable experience ol the Savings Ra.uk ill New South Wales has been intensified during the past lew months. The net result. Inis been a weakening of the hank reserves, even though tinRank remains in a solvent condition.

The ‘"Teth-graph” states thafe sfor months there lias been a steady flow ol funds from this State to other States.

Political developments here caused a consternation among investors, whose main concern is always security lor their capital. Rrokers admitted that capital is still leaving New South Males, though they are not in a position to state what amount is represented by transfers during the last lew mouth. Air I iUiig’s proposed reduction in in-ti-rest. rates led to a flight ot capital, and his subsequent repudiation of interest payments in London intensified the How of money Irom Sydney to Queensland and Victoria.