FINANCIAL STRINGENCY PASSING.

Shannon News, 13 April 1922, Page 3

FINANCIAL STRINGENCY PASSING.

THE BANKING RETURNS. The banking averages for the March quarter show the first healthy sign ot the liquidation of stocks that has been going on for some time past. The figures generally indicate a distinct improvement all round. Beginning in April, 1020, the imports into New Zealand increased in value and volume, and from them on to April of last year merchandise in excess of requirements, and at extremely high prices, poured into New Zealand, and a gradual liquidation ol the stocks has been going on since. The banks stood by their customers, and the advances which in the March quarter, 1920, averaged £30,761,854, increased . to £51,449,526 in • June, 1321, which was the highest* point reached. 111 the second hall of last year a change was disclosed lor the better, and! this has been emphasised in ihe past quarter, the advances falling to 944,000,000.

The leading items in the returns lor ihe past qua:mr, when compared with the figures for the corresponding quarter of last year, show the following movements-•- £ Govt, deposits decreased by 1,792,955 Free deposits ~ ~ 6,646,459 Fixed deposits ~ ~ 148,881 Advances ,> .. 4,743,956 Discounts „ .. 1,211,070 Circulation,. ~ >. 319,755 Coin and bullion increased to 115,4a2