CUT IN INTEREST
Debts to Government of New South Wales HELP FOR INDUSTRY By Telegraph—Press Assn. —Copyright. Sydney, September 5. The Premier, Mr. B. S. Stevens, stated that Cabinet was considering the question of reducing the rates of interest to all its own debtors. The Government considers this will help to stimulate industry and employment. The “Daily Telegraph” says: “The maximum rate of interest will be 4 per cent. The interest on loans to municipalities, corporate bodies, and other institutions is as high as 6J per cent., but recently the Government has been lending relief money to as low as 3 per cent. The new scheme, if operated, will greatly assist the Water Board and other Government bodies, and also shire and municipal councils. •“Anticipations of lower interest rates overseas are behind the move as it is. expected that large conversions will take place before the end of the year. The Government intends this gesture as more than a hint to private banks and other financial institutions.”
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Bibliographic details
Dominion, Volume 25, Issue 293, 6 September 1932, Page 9
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167CUT IN INTEREST Dominion, Volume 25, Issue 293, 6 September 1932, Page 9
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