THE MONEY MARKET
BANK OVERDRAFT RATE
No confirmation is available of a reported immediate increase in the trading banks' minimum rate of 4£ per cent, for overdrafts, a rate ruling; since. November 30, 1934. That, the
banks
are called upon to meet in-
creased taxation is obvious, and, going by references made- in the speeches of chairmen, overhead expenses have likewise increased since the 4-1 per cent, rate was struck. In addition, the banks operating in New Zealand have lost a considerable portion of the business they formgrly did in the handling of exports and in exchange. At the moment there, is no change in the rate, but the tendency .of the money market in Australia is to harden, and New Zealand fresh local body loans being raised to 4i per cent, suggests that the next move in rates for money by overdraft, mortgage or otherwise, may be upwards.
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Bibliographic details
Evening Post, Volume CXXVIII, Issue 77, 28 September 1939, Page 13
Word Count
149THE MONEY MARKET Evening Post, Volume CXXVIII, Issue 77, 28 September 1939, Page 13
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