REDUCED OVERDRAFT RATES
GENERAL BENEFIT PREDICTED
(P.R.) WELLINGTON, August 20. ‘‘The reduction in overdraft rates will be of general benefit to all producers and traders, and indirectly to all sections of the community,” said the Minister for Finance (the Hon, W. Nash)'in the House to-day, when replying to a question by Mr H. G. Dickie (Opposition, Patea), who asked whether the Minister would make the reduction in interest rates by State lending departments proportionate with the reduction made by the Associated Banks on first-class accounts.* The reduced rates, applied only to money at call, or invested for short periods, the Minister said, and the lending rates of State departments came within an entirely different category, being bound up with the whole question of mortgaige finance, which fairly recently had been subject to review in individual cases under the mortgagors and lessees rehabilitation legislation.
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Bibliographic details
Press, Volume LXXVII, Issue 23414, 22 August 1941, Page 4
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143REDUCED OVERDRAFT RATES Press, Volume LXXVII, Issue 23414, 22 August 1941, Page 4
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