LOWER INTEREST RATES

Evening Post, Volume CVII, Issue 74, 1 April 1929, Page 10

LOWER INTEREST RATES

AN UNREDEEMED PROMISE

The statement made by the I'rimo Minister (the Right Hon. Sir Joseph Ward), two days after assuming office, that he expected to bring about a reduction in the lending rates on moneys advanced by the State to workers and settlers is briefly referred to in J;he report of the national executive of the Labour Party.

"It cannot be too often .pointed out," states the report, "that the maximum appeal of the United Party's election policy was in the statement that loans would bo made to farmers and workers at 4J per cent, per annum. The conditions to-day are in no way different to those existing when Sir Joseph Ward issued his policy speech, and if, as Sir Joseph Ward has stated, lie has already raised loans in London at ii per ceiit., there is no reason whatever why this money should not be loaned to those in need at the rate of 4$ per cent., as promised by the United Party. ' .

"The evidence available is that whilst the Government has expedited the issue of the loans through the State Advances Office, they have failed to redeem their promise to reduce the interest rates. The proper organisation of credit is one of the essentials to solving the problem of unemployment."