LONDON FUNDS
MR ADDIBON EXPLAINS PROCEEDS FROM EXPORTS (By TelegTapn—Press association) WELLINGTON, Friday Interviewed regarding his statement as to the sterling assets of the trading banks, Mr R. C. Addison, chairman of the Associated Banks, said his statement was in reply to a press inquiry concerning a report from Auckland that such funds were mortgaged. Mr Addison explained that all the pro- % reeds of New Zealand exports since the introduction of exchange control were, of course, received by the Trading Banks overseas as agents for the Reserve Bank, and w 7 ere subject to certain arrangements with the reserve bank. However, under such arrangements the Trading Banks were continuing to distribute available funds in a manner which they considered most suitable In the Interests of their customers and of New Zealand as a whole.
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Waikato Times, Volume 124, Issue 20821, 3 June 1939, Page 9
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134LONDON FUNDS Waikato Times, Volume 124, Issue 20821, 3 June 1939, Page 9
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