INTEREST RATES.

Auckland Star, Volume LXIII, Issue 57, 8 March 1932, Page 7

INTEREST RATES.

AUSTRALIAN MOVE.

Drop to Check Tendency Toward

Fixed Deposits.

RISKS OF INVESTMENT,

(United P.A.—Electric Telegraph—Copyright) (Received 1 p.m.) SYDNEY, this day. The trading banks announce a further reduction in the interest on rates on fixed deposits, beginning to-day, namely, three months, 2J per cent per annum; six months, 3 per cent; 12 months, 3i per cent; 24 months, 4 per cent. The tendency in the past two years has been for liquid funds to go into tlie banks in the shape of fixed deposits, the owners seeking security for capital and some return o:i it.

Thus fixed deposits have risen by nearly £1,000,000 to while current accounts have dropped nearly £10,000,000 to £87,251,000.

This is described as indicative of the stagnation in business and industry. As a result many people were afraid to risk their capital in private enterprise because they were uncertain as to how it would be affected by political policies. NO PREFERENCE. Arbitration Court Ruling on Waterside Issue. PENALTY FOE, STRIKES. MELBOURNE, March 7. Judge Beeby, in the Federal Arbitration Court, refused the application of the Waterside Workers' Federation for preference for its members. He fixed the rate for ordinary time at 2/4 an hour, which is an increase of 2£d for all States except Queensland, where it is a reduction of 3Jd.

Judge Beeby said time and again the union had abused the preference privilege by striking and the Court could not now grant preference except as against those employers who discriminated against unionists, nor could the Court be guided by political changes or the nnion's contention that industrial peace was bound up in granting absolute preference to unionists. TERM EXTENDED. SIR GRANVILLE RYRIE. (Received 10 a.m.) LONDON, March 7. It is understood that the term as Australian High Commissioner of Sir Granville liyrie, has been extended for four months. Pie will return to the Commonwealth in September.