INTEREST RATES CUT

Gisborne Herald, Volume LXXIII, Issue 22210, 21 December 1946, Page 4

INTEREST RATES CUT

LOANS IN AUSTRALIA SYDNEY, Dec. 20. The Governor of the Commonwealth Bank, Mr. H. T. Armitage, announced that a further order has been made under national security (economic reorganisation) regulations reducing the maximum rates of interest that may be charged on certain classes of loans. The order, which will bo dTective from January 1, reduces by 5s per cent per annum the maximum rate that may be charged on overdrafts and new loans for fixed periods by the trading banks and,pastoral companies. A similar reduction ha 3 also been made in the maximum rate that may be charged on new policy loans by life assurance companies. The new maximum rates are: Trading banks and life assurance companies, 90s per cent per annum; pastoral companies, 100 s per cent per annum.

The Commonwealth Bank decided to reduce to 65s per cent per annum the rate charged by the bank on rural credit loans.

Recent track work has shown the Australian-bred horse Maniototo up in a promising light. He was carrying a | lot of condition when he arrived in New Zealand a few weeks ago, but with the improvement in the tracks he has been given more fast work and a race at Wairio to bring him on. Maniototo won the Williamstown Cup, run over one mile and five furlongs, last Easter. Changes of Stables H. Eva, who formerly trained in Auckland, has settled at Trentham and has Leighoa's Glory under his care. Beau Son has joined up with J. K. Searle's team, and the Nightmarch-Fraise filly, owned by H.H. the Maharajah of Kashmir, and broken in and handled by C. Robertson, has joined the active workers in P. Spratt's* team. White Cap and Blue Tie, owned by Mr. H. F. Wood, Wellington, have had a change of stable and are now being trained by A. Goodman. Fensacola is to be taken hy R. Wilson to Dunedin next week. The gelding will be taken over by J. Thistleton, who will in future train him at Riverton, where the soft track is expected to be to hi 3 advantage. Confusion has been sold to a patron of T. G. Pollock's stable at Gore.