LOCAL BODIES’ FINANCE
RATE OE INTEREST. PREMIER DETERMINED. TO KEEP IT DOWN. (Special to the “Star.”) ; WELLLINGTON, August 11. “As Minister of Finance I have ' been doing everything possible, and intend going- on doing it, to keep down the rate of interest to a reasonable point,” declared the Premier in the House to-day. He assured the members that if lie gave way to the numerous requests in a short time the rate of interest would he up to 8 per cent. This statement.was made as the result of a question by Mr Sidey (Dunedin) regarding the difficulties of local bodies and educational authorities, who find themselves unable to borrow money within ilie official limit of 5J percent. One educational body has been informed by the Bank that it) future the charge on overdraft will be 6 per cent. Mr Massey expressed the opinion that the Government could not interfere with the intciest on overdraft, but it was controlling the general rate of interest.
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Greymouth Evening Star, 11 August 1920, Page 5
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163LOCAL BODIES’ FINANCE Greymouth Evening Star, 11 August 1920, Page 5
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