INTERESTON DEPOSITS

Press, Volume C, Issue 29680, 25 November 1961, Page 12

INTERESTON DEPOSITS

Flaws Found h Bill (NX. Press Association) WELLINGTON, Nov. 24. The Minister of Finance (Mr Lake) said today that it had been discovered on reexamination that the Interest and Deposits Bill, as drafted, did not entirely meet present conditions and needed amendment. In view of the little time left this session, it was proposed to defer the bill and reintroduce it next session. Mr Lake explained that there was no intention of unduly delaying the bdl, as the Government was convinced that the soliciting of shortterm deposits from the public at high rates of interest should be restricted. “Any person, society or company accepting money on a short-term basis should, therefore, take steps now to ensure that they will be in a position to conform with the provisions of the new bill which will be generally on the lines of the existing legislation,” he said. The Interest on Deposits Bill, introduced, into the House this session is a consolidation and revision of the National Expenditure Adjustment Act, 1932, under which maximum rates of interest are fixed on deposits with building societies. investment societies, trading companies, and local authorities.