BANK INTEREST RATE
Farmers Fear Increase (New Zealand Press Association) AUCKLAND, November 20. Federated farmers should make a “most vigorous protest” at any proposal by the Government to raise rates of interest in New Zealand, the Auckland provincial executive decided today. Mr I. G. Blackmore said that after the election it was likely that the bank interest rate would be increased to come into line with Britain’s recent increased rate. Mr Blackmore said it would lower farmers’ prices and raise their costs and have some repercussions on the whole community. Such a move would be a “stepping stone further in the credit squeeze.” Mr A. R. Hughes said that until the government in power after the election said it would not raise interest rates, he would not take the risk of breaking in new land. There were several cries of agreement from the meeting.
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Bibliographic details
Press, Volume XCVI, Issue 28440, 21 November 1957, Page 20
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144BANK INTEREST RATE Press, Volume XCVI, Issue 28440, 21 November 1957, Page 20
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