COMMERCIAL

Grey River Argus, 12 August 1944, Page 5

COMMERCIAL

AUSTRALIAN INTEREST RATES REDUCED (Rec. 9.5) SYDNEY, Aug. 11 An order has been made under the National Security (Economic Organisation) Regulations by the Commonwealth Bank reducing the maximum rates .of interest that may be paid' or charged. The amended rates will not apply to contracts made before to-day. The reductions affect interest rates on trading bank overdrafts, fixed deposits, loans to local authorities, loans by building societies, loans by life assurance companies, against life policies and on the balance above the first five hundred’ pounds in savings bank accounts. The maximum rate of interest which the trading banks may charge on overdrafts has been reduced from five per cent, to four and threequarter per cent, per annum as from to-day. The same maximum rate applies on new loans made by life officers against their own policies. Maximum rates payable on fixed deposits accepted or renewed on or after to-dav have been reduced by one per cent, in the deposits for three and six months, and by one quarter per cent, on deposits for twelve and twenty-four months. The maximum rate of interest for new loans to local authorities will be three and a half per cent, per annum in all other cases. The maximum rate for new loans by building societies, and cooperative societies have been reduced by one quarter per cent, per annum to five and one-quarter per cent. The American Chambers of Commerce have invited Australian business interests and six delegates to an international busines conference at Atlantic Citv in November.

Hopes that New Zealand trade may be exoanded as the result of a visit here this month by Mr. Heany, Secretary of the New Zealand Associated Chambers of Commerce, are being expresed here. The Federal Secretary of the Australian Associated Chambers of Commerce, Mr. F. R. Wilkins, said Mr. Heany would travel throughout the eastern States for six weeks, making an intensive survey.