INTEREST RATES.
HOPE FOR REDUCTION. BANKS-NOT THE ARBITERS. "OTHER IMPORTANT INTERESTS." ' "Although the demand for.money exceeds the supply we hope that before Ion" it may be possible to bring about a. reduction of interest rates, but as the banks do not control rates nothing can be accomplished in ' the way of reduction unless certain other important interests can be induced to co-operate.'"' This statement was made by the chairman of directors of the Bank of New •Zealand, Mr. W. Watson, at the annual meeting of the bank to-day. There had been on change in interest within the Dominion since the proprietors were last addressed from the chair, said Mr. Watson. The Bank of England rate was reduced from 3 per cent to 2$ per cent on May 14, and it was hoped that the lower rate would tend to stimulate enterprise in the Old Country, although it was feared that the accumulation of funds in London denoted want of confidence in the industrial outlook. The Bank of England rate had little or no effect on rates in New Zealand.
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Bibliographic details
Auckland Star, Volume LXII, Issue 143, 19 June 1931, Page 9
Word Count
179INTEREST RATES. Auckland Star, Volume LXII, Issue 143, 19 June 1931, Page 9
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