Apologia for Jinnah

call market. The Glaxo issue, over-subscribed by about 15 times, is privately estimated to have involved such a transfer of about Rs 15 crores.
The prevailing slackness in credit demand would appear to be a continuation of the delayed slack season credit contraction, which gathered strength only in the second half of October. Between April-end and mid- October, that is during the greater part of the slack season, bank credit actually expanded by Rs 8 crores; thereafter it contracted by Rs 38 crores by November 1. In a sense, we are witnessing an extension of the slack season. Because of price fluctuations at declining levels in oilseeds, foodgrain and sugar, trade's propensity to stock has declined sharply. This has perhaps led to repayment of funds tapped in September and October, the festival months, Perhaps also, overdue bank credit is now being repaid because trading conditions have improved, as they have, for instance, in cloth. Then, there are the large export receipts on private account which have led to a reduction in credit requirements.