RATE OF INTEREST.

Auckland Star, Volume LX, Issue 37, 13 February 1929, Page 10

RATE OF INTEREST.

LOWERED BY PRIME MINISTER

DEBENTURES AT 5 1-8 PER CENT. NEW ISSUE AVAILABLE. (By Telegraph.—Own Correspondent.) WELLINGTON, this day. Friday next has neen selected as the dosing day for the present issue of New Zealand Government 5} per cent debentures and inscribed stock maturing in 1933, by way of over the counter sales, which have been on offer to the public since IV2J. An announcement to this effect lias been made by the Prime Minister, Sir Joseph Ward.

In place of this issue, debentures ami inscribed stock bearing interest at 5 1-8 per cent, and having currency to February 15, 19:57, will be available.

Sir Joseph Ward stated that in regard to the new rate of interest he had" for some time been closely watching the movement in local money rates, and was of opinion the price; was easing. l( t . thought, therefore, that his decision to lower the Government rate would be in the true interests of the Dominion.

Sir Joseph remarked that the proceed* of local sales of securities are utilised for general purposes, but more particularly to assist the finances of the State Advances Office, toward which purposes the provision of capital at slightly cheaper rates will be beneficial generally.