PUBLIC TRUST LOANS.
VARIATION IN INTEREST. COUNTY COUNCIL CRITICISM. (By Telegraph.—Own Correspondent.) WHANGAREI, this day. The policy of the Public Trustee in reducing the rate of interest allowed on trust money to 4 per cent, whilst charging ti per cent on local body debentures and 5| per cent for loans was criticised by the Whangarei County Council today. Tho clerk reported that a reduction of 1 per cent in the rate of interest on county sinking funds would mean a loss of £o~ this your, and would increase as the sinking funds accumulated. The alteration would prolong the life of loans which it was proposed should close in 3(5i years. The chairman said that local bodies and primary producers were being asked to carry the bad debts of the Public Trustee. It was decided to impress the seriousness of the matter on the executive of the New Zealand Counties Association.
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Auckland Star, Volume LXIII, Issue 160, 8 July 1932, Page 7
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150PUBLIC TRUST LOANS. Auckland Star, Volume LXIII, Issue 160, 8 July 1932, Page 7
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