GOVERNMENT LOANS
Subscriptions In Advance < N.Z. Press Association) WELLINGTON, Mar. 22. The Minister of Finance <Mr Lake) today said the Reserve Bank would at any time accept advance subscriptions to the next Government cash loan at favourable rates.
Some financial institutions were finding it more convenient to pay regular instalments rather than provide large sums at widely separated intervals, he said. Terms were better than those once operating. The minimum interest rate on advance subscriptions was 0.5 per cent, below the lowest rate in the last cash loan. The current rate was 41 per cent, though this would be adjusted, as from date of payment, to the rate on the stock selected when the next load was issued. Interest would be reduced to 3 per cent, if the advance subscriber found the terms of the loan unsuitable and decided to withdraw.
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Press, Volume CI, Issue 29778, 22 March 1962, Page 17
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141GOVERNMENT LOANS Press, Volume CI, Issue 29778, 22 March 1962, Page 17
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