RISE IN INTEREST RATES
MR J. N. MASSEY CRITICISES THE GOVERNMENT [From Our Parliamentary Reporter.] WELLINGTON, July 21. “Members of the Government are always talking about cheap money, but only in the last few months there has been an Increase in interest rates,” said Mr J. N. Massey (Opposition, Franklin) during the Addfess-ln-Reply debate in the House of Representatives to-day. Before the depression, said Mr Massey, the rate of interest was exceedingly high. When the slump occurred, the then Government made representations to the lending institutions, and as a result the rates were reduced. The previous Government had made a desperate attempt to assist taxpayers and ratepayers. It had arranged for the conversion of local body loans and for future borrowing by local bodies to be limited to 3J per cent. This rate had lasted until/quite recently, when it was increased. “I am satisfied that local authorities will not be able to borrow at less than 4J per cent.,” said Mr Massey. “This is the Government that said it was going to keep down interest rates.”
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Press, Volume LXXV, Issue 22769, 22 July 1939, Page 4
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176RISE IN INTEREST RATES Press, Volume LXXV, Issue 22769, 22 July 1939, Page 4
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