LOCAL MONEY FOR CITY COUNCIL
RATE DOWN TO 5£ PER CENT. ' Until recently money lent locally to the City Council over the counter received. interest at the rate'of 5J per cent., but prior to the New Year the Mayor, Mr. G. A. Troup, decided that the council would only pay 54 per cent., having regard to the easier position in the money market. Even at the reduced rate a sum of £20,000 was loaned to the City Council over the counter last week, and as there are no commission or other charges whatever in connection with the loaning of this money it is more advantageous to the. city to borrow money at 5} per cent, than to pay 5 per cent, on the London market. It is anticipated, that the rate generally throughout New Zealand will now be reduced to JSJ per cent.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/DOM19290115.2.62
Bibliographic details
Dominion, Volume 22, Issue 94, 15 January 1929, Page 8
Word Count
143LOCAL MONEY FOR CITY COUNCIL Dominion, Volume 22, Issue 94, 15 January 1929, Page 8
Using This Item
Stuff Ltd is the copyright owner for the Dominion. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in