BANKS' INTEREST RATE.

Auckland Star, Volume LIX, Issue 77, 31 March 1928, Page 11

BANKS' INTEREST RATE.

REQUEST FOR REDUCTION BUSINESS MEN UNITED. "WOULD RESTORE CONFIDENCE." (By Telegraph.—Own Correspondent.) WELLINGTON, this day.

The Canterbury Chamber of Commerce recently passed a resolution advocating tint the Associated Banks should be approached with the request that the rate of interest on overdrafts be reconsidered and reduced. The reason for this request being that the •Ailwif conne of the trade of 'titt Dominion had been Checked and thai a redaction now would facilitate <Im recovery to trade prosperity. The council of the Wellington Chamber Ins supported this resolution, which has been handed on to the Associated Chambers to make representations to the Associated Banks. It is hoped that as soon as deposits and advances efnee again reach their normal level a reduction will be made.

In the opinion of the Wellington chamber, business men generally are in •ooord with this request, as the high rate of interest charged on overdrafts is a heavy burden upon the development of trade, and it delays a return to prosperity, in which all sections of the community would share. It is felt that such action by the banks would restore confidence practically at once.