Attempt to Lower Rate of Interest
LABOUR MAN’S OPTIMISM AUCKLAND, Last Night. When a formal resolution in regard to the new loan issue of £25,000 at 5h per cent, for harbour works was presented to the Harbour Board for adoption, Mr. T. Bloodworth moved an amendment that the rate be reduced to per cent, because of the urgent need of lower interest. The raising of £25,000 for 35 years at 5i per cent, would tend, he. said, to keep up the rate of interest, and the money should bo secured for less. A member : “You arc an optimist.” ”1 am not joking,” said Mr. Bloodworfh. “Representative business men in Wellington gave evidence before the Arbitration Court that the rate of interest must come down, and we should take action on those lines after what has been done to employees’ salaries. In a few months the board might be able to raise the money on more, favourable terms.” Mr. E, W. Inder: “What should the board do in the meantime'? Repudiate its loan?” The amendment was lost.
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Horowhenua Chronicle, 28 May 1931, Page 6
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176Attempt to Lower Rate of Interest Horowhenua Chronicle, 28 May 1931, Page 6
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