INTEREST RATES

Dominion, Volume 34, Issue 187, 6 May 1941, Page 3

INTEREST RATES

Limitation In Australia

A move -has been initiated by the Federal Government to limit interest rates on loans raised by semi-Government authorities and local governing bodies. It is proposed that the Federal Governmeat shall fix maximum rates by regulation under the National Security It is understood that Mr. fiadden, Acting-Prime Minister, has requested the views of State Treasurers on the proposals, and has submitted suggested maximum rates to cover local authority loans guaranteed by State Governments and those not so guaranteed. It is stated, however, that existing loans in some States are already carrying interest below those suggested as the maximum. The reduction of i per cent, in the interest rate for the shorter termed securities iu the proposed new Conimouwealln loan of £35,000,01)0, compared with the previous loan, is iu keeping with the present trend of Commonwealth policy. For some months the Federal Government has been considering the question of interest paid on Savings Bank deposits. In South Australia and Tasmania these rates are higher than those of the Commonwealth Bank and other savings institutions, and it is felt that sales of war savings certificates in those States have suffered in consequence. Failing action by State Governments to bring about a reduction in interest rates paid by those banks, it has been sif'PSted that the Commonwealth should enforce this under the National Security Act. Greater Union Theatres The Greater Union Theatres group of four main operating coinpauies in Australia earned a profit ol xo2,ip4 for 1910. This is the best result obtained in rhe last 10 years. It compares wnh a profit of £1705 for 1939. and losses of Nl.-W.i for 1938 and £14,330 for 19., <. Iho figures were disclosed by Mr. N. B. LyL' a. director of Amalgamated hdui s Limited, which holds shares in the Greater Union group, at the annua! meeting in Melbourne.

Pukekohe Produce Prices Dominion Special Service.

PUKEKOHB. May 5. A feature of trade in Pnkekohe produce since last Monday has been a all in Inc price of onions by 1/- a cwt., the current price being 9/-, and the demand has been Stimulated by the reduction. _ Potatoes are at 10/-, which is also a drop of 1/- in the week, but the supplies available are limited. Cabbages have receded from 9/- to 8/0 a chapman bag. tor the drumhead variety, and from S/- to 7/3 for the Savoy variety. Small supplies of cauliflowers are now coming forward, and arc bringing 11/6 a chapman bag. Carrots are still selling at ■>/-. and kumeras at 9/6. Grey pumpkins bring 7/6 a cwt., red pumpkins 5/6, and pie melons 8/-. Applies sell at 4/- and 4/6 a case, and cabbage plants at 12/6 a 1(109 in bundles of 50.