LIMIT ON DEPOSITS
From Our Special Parliamentary Reporter,
ACCOUNTS IN THE POST OFF1CE . SAY1NGS 33 AN' . NO ALTERATION TO BE MADE.
WELLINGTON, This day. Mr W. F». Barnard asked the Minister of Finance ycsterday whetlier the Govermuent would favoufrably consider rcvcfting to the fornier practico of pr.ying interest on deposits U]> to £5(XK) in tlie Post Office Saviugs Bank. Sir Joseph AYard said tliat the maxinnim dcposit accepted from anv oue depositor was increased to £5600 -:s a war measure. Before the wai- the maxinumi was only £1000. Y hen it went up to £5000 the saviugs bank was j used by small traders practically to obtain interest on tlieir eurrent accounts. j Tlie Jiolding of large amounts at call was a source of embarrassnient, botli to tlie Treasury and the Post Office. For those reasms he rcgretted tliat he was not able to .accede to tlie request to revert to the £500.0 maximum.
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Daily Telegraph (Napier), Volume 58, Issue 142, 18 July 1929, Page 11
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154LIMIT ON DEPOSITS Daily Telegraph (Napier), Volume 58, Issue 142, 18 July 1929, Page 11
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