Increase in Dairy Board overdraft interest rate?
Parliamentary reporter The Government was almost certainly considering increasing the Dairy Board's special overdraft interest rate with the Reserve Bank, said Mr P. T. Woollaston (Lab., Nelson) at the opening of the Golden Bay Dairy Company plant extensions vesterdav.
The board had a 1 per cent overdraft facility at the Reserve Bank. “I shudder to think what the effect on the industry would be if the board had to pay the same commercial rates on this finance as it does to finance capital assets such as the extensions to the Golden Bay Company plant,” he said.
The possible increase in interest rates would be to effect the Government's 3 per cent cut in' spending. Planned cuts in the Lands and Survey Development programme might further hold up the ‘'painfully slow progress” of the Goldfields and Boulder Block developments in the Aorere Valley. Mr Woollaston said. •
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Press, 18 March 1982, Page 3
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152Increase in Dairy Board overdraft interest rate? Press, 18 March 1982, Page 3
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