INTEREST RATES.
FARMERS' TRADING DEPOSITS. MEETING ADOPTS REDUCTION. In reeponse to a circular issued by the directors of the Farmers' Trading Company, a largely-attended meeting of depositors in that company was held yesterday in the hall of the Chamber of Commerce. Mr. A. Ross, chairman of directors, presided, and explained the reasons which had actuated the board in calling the depositors together. Mr. Ross stated that, in view of recent legislation and the general conditions of the money market, it had been considered necessary to come to a fresh arrangement with those who had sums invested with the company. The proposals of the board were that depositors should accept a cut in their interest rate 3 bringing these down to 5 per cent, and that they should extend- the ■ maturity date of the loans to 1937. The proposals were well received by the meeting and carried by a very substantial majority.
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Auckland Star, Volume LXIV, Issue 76, 31 March 1933, Page 8
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151INTEREST RATES. Auckland Star, Volume LXIV, Issue 76, 31 March 1933, Page 8
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