INTEREST RATES
move for reduction
EARLY ACTION LIKELY. Legislation dealing with into lest rates is expected to be introduced this week, but the Minister of Finance, Rt. Hon. J. G. Coates, said on Saturday that ho was not in a position to 'indicate the nature of the proposals, says the Dominion. A rumour is in circulation that it is proposed to reduce- interest iafccs. on Government securities by 20 per cout. on the original rates, to reduce deposit rates, and to increase the stamp duty on local-body debentures from 10 per cent, .to 20 per cent. It is also stated that no action will bo taken in regard to mortgage interest rates.
When these speculations were referred to Mr. Coates ho said lie had nothing to add to his statement on January 27, when he intimated that arrangements for dealing with interest on Government and local body securities had not been finalised, hut tliat if the Government’s proposals could be successfully carried through a net saving of about £400,000 would accrue to the Budget.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/GIST19330222.2.10
Bibliographic details
Gisborne Times, Volume LXXIII, Issue 11876, 22 February 1933, Page 2
Word Count
174INTEREST RATES Gisborne Times, Volume LXXIII, Issue 11876, 22 February 1933, Page 2
Using This Item
The Gisborne Herald Company is the copyright owner for the Gisborne Times. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International licence (CC BY-NC-SA 4.0). This newspaper is not available for commercial use without the consent of the Gisborne Herald Company. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.