MOVE FOR REDUCTION OF INTEREST RATES.

Horowhenua Chronicle, 26 June 1931, Page 6

MOVE FOR REDUCTION OF INTEREST RATES.

GOVERNMENT LOANS.

CHRISTCHURCH, Last Night,

After considerable discussion, the Canterbury Chamber of Commerce, at its quarterly meeting, decided to make representations to the Government for a reduction of interest rates as follows: — r

1. That no further subscriptions be accepted for the internal loans at 5 \ per cent., repayable in 1937. 2. That interest on any further loans which the Government decides to raise in New Zealand within the next two years be not more than 5 per cent, per annum.

3. That similar arrangements be made in regard to those Government departments which take moneys from the public on deposit or for investment. 4. That the Local Government Loans Board be asked to reduce the maximum rate of interest payable on new loans floated by any local authority in New Zealand to a similar degree.

REDUCTION DISCUSSED WITH PRIME MINISTER.

GOVERNMENT CONSIDERING THE QUESTION.

The Prime Minister, Rt. Hon. G. W. Forbes, held a conference in Wellington this week with representatives of financial interests, when the question of reducing interest rates was discussed. No statement was made as to the outcome of the deliberations, but it was stated officially that the Government had the question of interest rates under consideration.

A further conference, in which representatives of all financial interests will take part, is expected to be held shortly*