INTEREST QUESTION.

Ashburton Guardian, Volume 53, Issue 286, 14 September 1933, Page 5

INTEREST QUESTION.

REDUCTION IN NEW SOUTH WALES. V ■ . NEW ZEALAND BOARD'S J3UIT. (United Press Association— Copyright). (Received This Day, 8.50 a.m.) SYDNEY, This Day. Jn the Equity Court, the actingChief Justice (Mr Justice Harvey) has be<nm- the hearing of a suit on behalt of the Wanganui-Rangitikei Power Board for a ruling whether the New South--Wales Interest Reduction Act or 1931 applied to the financial obligations by that Board with the Australian Mutual Provident Society on and after October 1, 1931; secondly whether plaintiffs are entitled to redeem debentures due since that date upon payment to the Australian Mutual Provident Society of the total capital included in such debentures, together with interest reduced in accordance with the Act. Plaintiffs contracted loans amounting to £149,999, £100,000, ' and £60,000 at various periods between 1924 and 1926. The interest was 53 per cent and all the debentures were payable at Sydney. Plaintiffs,, claim to be entitled to a reduction, m the rate of interest to three per cent prescribed in the New South. Wales Interest Reduction Act* on all interest obligations after the date of the passing of the Act, which contention defendant Society disputes. *The case was adjourned.