SHORT DATED BILLS
GOVERNMENT CALLING ON BANKS ' Press Association VVELLINGTOX. ’l‘odzu'. It is understood that the Government is calling for applications from the banks for Treasury bills of short (late, or until collections of the land-tux. _and later from the income-tax, are available. The rates of interest at which tenders may be submitted are likely to be definitely influenced by the proposed increases in the banknotetax. If this tax is given effect to, it is' likely to lead to the realisation of Government securities, and a considerable calling up of advances. in order to reduce the note circulation, and the charges of the banksmay be increasml, It has been explained that the banks must perforce hold a substantial quan—tity of gold in their vaults as a, fmmdation of credit, as the Government would have to do if it were the 8011» note-issuing authority. Notes must have good backing. The views of the banks on the pru—poscd taxation. and their objections to it, and probable consequences if it is carried, have been fully set out in a private deputation to the Government.
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https://paperspast.natlib.govt.nz/newspapers/SUNAK19300819.2.104.5
Bibliographic details
Sun (Auckland), Volume IV, Issue 1054, 19 August 1930, Page 11
Word Count
181SHORT DATED BILLS Sun (Auckland), Volume IV, Issue 1054, 19 August 1930, Page 11
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