REDUCED TAXATION.

Auckland Star, Volume LIV, Issue 148, 23 June 1923, Page 9

REDUCED TAXATION.

GOOD EFFECT ON TRADE. LOWER MORTGAGE RATE. By Telegraph.—Press Association.) DUXEDIX, Friday. Sir George Fcnwick, speaking at the annual meeting of the Perpetual Trustees' Estate Company, said a reduction of taxation had Leon the means of puttin" heart into the conductors of many important company enterprises, and _ it must have immediate effect in improving Ul \s to the bank rate on advances, lie did not think Sir George Elliot was on firm -round when he argued that >t should be uHiintained at the present high figure. There was no adequate or eusUinable reason why bnnks should not be amenable to the law that cheap money tends to a prosperous condition of trade in the community, and hanks were not actin-r in the common interests In maintaining such a high minimum rate as bi Pe Nor"did he a ? ree with Pir Oeorg Elliot's statement that it was still difficult to borrow on fixed mortgage even on a 50 per cent margin, at lew than 0J per cent. In the South Island large sums were being constantly lent on J approved securities and with a two-fifths ! margin at G per cent, the normal rate at present.