LOCAL BODY FINANCIAL

Bay of Plenty Times, Volume LX, Issue 10831, 1 April 1932, Page 2

LOCAL BODY FINANCIAL

INTEREST ON AUSTBAUW LOANS. Large sums of money have| hororwed in Australia by laud public authorities and tin® been discussion recently of’® made by the borrowersthattW* interest payable should be iw by 22J per cent., in accordant? the terms of Financial Eniaf Acts passed by the Australiiß S says the Melbourne "AW* March IS. Some money b.as«® mitted to Australia for the of interest on these loans. L Australian agents of NeW, ** borrowers have been iustroc cable messages to withhold »■ cent, of the amouflt due. al life insurance societies W large lenders to New, Ze3»B“ r authorities, which raise bn?® in Australia because of an 8 JM in rates of taxation in Ne* which made their -loans "fUM tive to investors in -ft)jfg is understood that New m. lie authorities have claimed JB duction of interest on the i 3m the Crown Law Department m Zealand. The -general redwg| interest in Australia was .Sa assist Australian borrowers. . grant relief to borrowers o , lian money in other t ' ount^, a rif money was borrowed on New Zealand and the I j bears no resemblance to t in Australia on security ' n s try, which are subject 1°’ tory reduction in rales 0 The New Zealand borrowers ready an advantage in, interest is payable in Au there is a premium on t j of money from New ZeaUt . tralia. . pte^ The Australian Mutual Society has obtained j upon a claim for lower r**. * terest made by the Anew*i hour Board, and it states ‘Tet-' terest reduction leglslat South Wales does curities held in New Zoala f 0 I will be general opposition^ for lower rates of interest raised in Australia for Pd Si ties in H