FINANCIAL STRESS.
LOCAL BANKS TO THE RESCUE. (Special to the "Guardian.") AUCKLAND, June 13. Dealing with the causes of the present economic situation during a speech at the opening of the Whakatam, Show, the Minister of Agriculture (the Hon. C. E. Macmillan) said that the depletion of the national income was the primary responsible factor. There was a marked difference between the primary cost of products and the selling price of foodstuffs and steps must be taken to see that that difference was not increased. It was impossible to neglect the unemployed, and the Government was not doing half what it would like to do for them. Furthermore, the position had been aggravated by the refusal, or rather the stated inability of the Bank ot England to take up the short loan bill of £4,000,000, with the result that local banks had to be approached. They had willingly come to thaGoyernment s assistance, and had enabled a longdated loan to be made, together with the finding of .a further £1,000,000.
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Bibliographic details
Ashburton Guardian, Volume 52, Issue 207, 14 June 1932, Page 3
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170FINANCIAL STRESS. Ashburton Guardian, Volume 52, Issue 207, 14 June 1932, Page 3
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