COST OF CREDIT.

Auckland Star, Volume LXVI, Issue 127, 31 May 1935, Page 3

COST OF CREDIT.

DOMINION'S HEAVY BURDEN.

INTEREST RATE TOO HEAVY.

"It is well known to-day that monev lias fallen to a lower rate than it ha* been for over 80 years, and New Zealand lias been paying far too heavy, interest for years past," said Sir. A. S. Richards, SI.P. for Roskill, at the annual meeting of the Mount Roskill Road Board last evening. Sir. Richards was in the audience, and was asked if he would care to express any opinion upon the board's proposals to convert certain loans. Sir. Richards said there was no knowi. part of the world that had been paying the exorbitant rates of interest thai the Dominion had. "It is time local bodies brought pressure to bear upon thy Government to have this position recti.fied. We have been paying 5} per cent for loans similar to those which othe> countries have been getting at 3J pe> cent. I am confident, and will say it to any economist, that the monev powers of the world have got to bring down the cost of credit to the peoples of the world who use money."