INTEREST RATES

Dominion, Volume 33, Issue 183, 30 April 1940, Page 10

INTEREST RATES

Mortgages In Australia Further Commonwealth restrictions on mo.rtgages .will be imposed if efforts to force up the interest yield on private mortgages continue. T?he Treasurer, Mr. Spender, said on April 19 that it had ben ascertained that certain lending institutions had been endeavouring to raise the interest yield on mortgage investments. This policy would not be tolerated by the Commonwealth Government. “IVe are determined that interest rates on all classes of securities, shall be kept as low as possible,” he said. “There is no special reason -why mortgage rates should not move in harmony with other rates, which have been falling satisfactorily. , . . , “To correct a slight upward trend, which appeared in rates on certain classes of -real property mortgages, the Government recently decided that no mortgage exceeding £5OOO in any year can be raised without the Treasury’s apiprO'Vai. If this action is not sufficient, 1 shall not hes-titate to extend Commonwealth control.

“Fit a time of national emergency ye will not countenance anything which tends unjustifiably to increase interest rates, and- if necessary we will support our decision with the full powers conferred by the National Security Act.’ •

Big River Report

Big River Gold Mines. Limited, report for ihe week ending April 24:—No. o level, north stope: Stoping stone —ft. bin. in width. No. 6 level, south block: Stoping .stone three feet in width; level, advanced five feet; total. 50 feet. No. • {shaft: Repairs to shaft temporarily suspended ; chomilier, repxiirs will soon be coimjpleted. Battery: 17 tons of stone sent to 'battery.