"GOVERNMENT'S MISTAKE"
OPINIONS IN AUCKLAND.
Local opinion is to the effect that the Government made a mistake in restiictjng applications to so short a peiiod, namely from October I.*) to November *>• It is thought that the Government would have handled the issue better if it had (riven an earlier indication of its intentions and allowed the application lists to remain open for a longer period. An effort was made in Auckland to secure an extension of the time, but this was not successful and it is known "that number of fairly laf'ge parcels held in the city were shut out.
Moreover, the view is held that the difference of 4 per cent between the nhort and the longer terms for the new loans was too great. It is pointed out that many persons who formerly held Government loans carrying 5i per cent interest were dependent upon this as virtually their sole income. To these the drop from-oi to 4 was a serious reverse, but to cut the return to 3 per cent would be disastrous. Such bond holders had no recourse but to take their money in January "and endeavour to obtain some bettef return than the 3 per cent offered by the Government for the shorter term.
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https://paperspast.natlib.govt.nz/newspapers/AS19361114.2.167
Bibliographic details
Auckland Star, Volume LXVII, Issue 271, 14 November 1936, Page 22
Word Count
208"GOVERNMENT'S MISTAKE" Auckland Star, Volume LXVII, Issue 271, 14 November 1936, Page 22
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