THE BANKS.

New Zealand Times, Volume XXXIV, Issue 5641, 29 April 1879, Page 3

THE BANKS.

TO THE EDITOR OF THE NEW ZEALAND TIMES, Sib, —1 notice that some of your contemporaries in Wellington are publishing letters containing great nonsense about Banks and Bank pressure. Their statements, if uncontradicted, might do mischief in uninformed circles. A correspondent to your morning contemporary informs the public that the Banks have withdrawn to Australia not only all their capital, hut the whole of their New deposits. If the person whe wrote •that letter would take the trouble to consult the last banking returns, he would see at once what a misstatement he has made, and that so far from sending away New Zealand deposits, each Bank has not only re-lent the whole amount of their local deposits in the colony, but has also invested in the colony an excessive quota of its capital. In fact, the Banks have invested too much capital in the colony, the public having made too free with banking capital for trade purposes, land speculations, and otherwise ; hence the pressure, not on the public, but on the Banks by the public.—l am, &0., An Old Colonist, "Wellington, April 28.