INTEREST RATES.

Press, Volume LXIX, Issue 20790, 25 February 1933, Page 15

INTEREST RATES.

———trACTION BY GOVHUfMENT URGED. REDUCTION 3 AID TO «f . NECESSARY. " [FROM OCB FakuajusSTA*t EKfosis* ! WELLINGTON, February 3iThe need for definite action on tb* part of the Government to bring a reduction in the present rates «• interest was emphasised by w**rai speakers during the second jwmdiug debate on the Mortgagor* nod Twwt* Relief Amendment Bill in tha ttuwuw of Representatives this afternoon. Th« general opinion w»» that some fW»" noiincoment on the question should ** forthcoming from the UovemaMsnt *>•* fore the present session cam# to »» end. "I want some statement trom tb* Government explaining wb®n w* **• going to have a reduction iw bank ia " terest rates," declared Mr 11. Dickie (€., Patca): "While mortfMM* are being shot at in erary directum banks and stock and atatioa agent* aro getting off with the feool? * is not fair to aafc the mortgagwi *» reduce the interest and wipe <8 sums of capital when every other party concerned is let otf. So long as tho reduction is fair to &U l«nd«r» .»• fa* take very little exception to it, • >B it is not reasonable to ask. to make sacrifices unless the ratej «i iniferost are to he settled same**; ally." Mr J. Connolly (Intl. CI, Ifid fitter bury) said -any interest rautsetio® would bo of little ass, nnkis* it win* made illegal for mortgages® and. gagors to enter into Bew'CPßlWwt * a high rate of interest. Mr D. McDougali (C., Mstatjra) twd he failed to see liotr aat interest reduction would give the beafcSt tin* farmer that some members imgiicii. What was wanted was a eat in th* capital value of the land. If that wtf* 1 done it would confer some re#l bnaAtMr W. J. Poison (C, Stratford) mi& that along with other measbera fcffl regretted that the amendment bad Mt been brought down earlier it a as&re comprehensive form. He tfcmgjfet tb* Government kKou!3 go further in i»gard to stock and atatioa sgftnte, a®4 that there ahonld be s into which fhey should be MHfdM to cosae. He ksew of vm «*■!> "*»%*** a stock and station firm «n v«t forgetting its interest bo* gradually recouping itself of a* wall. & reduction cf interest Jscpjf He eonld not understand flw Mqr W the part of the Goverxnn««t. It '-mm impossible to get abe&d uirtU swUMh thing was done, and yet t&ey wiled in vain for a pronouaeemest fimaa 0» Government. He sineersly beged that before the present session came tn as end there would be e<ma rtou»«r*wt® given to the people vet to farmers but to merchant*, trains, and others as well. Hie JanraiS? ia X*w Zealand was not Receiving like the liberal treatment aeemrdegji the farmer in Australia-