PUBLIC INVESTMENT
AUSTRALIAN COMPANIES CHECK ON INFLATIONARY TENDENCIES Rec. 8 p.m. CANBERRA, Dec. 3. The large amount of money flowing into the hands of the public in various ways was causing a pronounced inflationary tendency, said Mr Chifley, in the House of Representatives. The tendency could be aggravated unless a close check was kept on bank advances. He was replying to a question Dy Mr H. E. Holt (Liberal), who referred to press reports that the trading banks were recently instructed to restrict in some directions advances for developmental purposes. Mr Chifley said that the Commonwealth Bank had examined the matter of advances, which had increased by £65,000.000 since December. As a great deal of public money was available for investment, it was considered that in many cases instead of obtaining further bank advances, companies should have increased their capital. Bank advances had also been made for the production of commodities on a scale far beyond the capacity of the country to absorb them.
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Otago Daily Times, Issue 26635, 4 December 1947, Page 5
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164PUBLIC INVESTMENT Otago Daily Times, Issue 26635, 4 December 1947, Page 5
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