BATE OF INTEREST

Evening Post, Volume CV, Issue 140, 15 June 1928, Page 11

BATE OF INTEREST

A COMPARISON ■\ ._ In the course of some remarks at the ordinary meeting of the shareholders of the Bank of New Zealand to-day, Sir Kobert Stout, alluding to the suggestion made in some quarters, that the time had come for the starting of a State bank, said that such a proposal seemed to him to be peculiar, in view of the present position and "the fact that the Government appointed four directors and the London and New Zealand auditors. In his opinion, the Government had quite enough, to do in carrying out the work it'/.had already in hand. „ He referred to the largo'" increase in the number of Government officers and employees, compared with the numbers in gears gone by. If things went on in certain directions —he was not .blaming the present Government —individuality would be crushed. On tho complaints made of the high- rates on mortgages, he mentioned that when he came to New Zealand over 64 years ago, the rate on mortgages—ho alluded specially to pastoral tenants —was 17| per cent. (Laughter.) That amount had been gradually reduced to tho existing rate". Was it the duty of the Government, he asked, to destroy private enterprise and become money lenders? If it was, it ought to lend to other classes besides farmers. There weTe many poor people in the community who had to borrow money; why should not assistance be also given to them? Sir Robert remarked that tho speech of the chairman was a very able one indeed; it gave the shareholders a great deal of information, and ho hoped it would bo carefully read and digested.