INTEREST ON DEPOSITS.

Hokitika Guardian, 6 June 1930, Page 6

INTEREST ON DEPOSITS.

SAVINGS BANK RAISES RATE

AUCKLAND. .Tune 4

A decision to raise the rate of interest on. deposits from 4.V per cent, to 4J per cent, was made bv tbe trustees of the Auckland Savings Bank to-day. The change will operate from July 7th. “The idea of the increase is to give depositors some share in the profits the bank is making,” said the manager. Air Clem Bartley, tie added that the rate of 43 per cent, bad been given from February 7th. 1917. to April Ist, 1929, when it was reduced to 4.V per cent, and had continued at that level until the present time. PRICE OK CE.M EXT. AUCKLAND, June 4. Speaking to-day at the annual meeting of shareholders in Wilson’s (N.Z.) Portland Cement Company, the chairman of directors. Sir Geo. Elliot, sai'd that cement was finding an ever-widen-ing range of usefulness, and it was the company’s aim to stimulate trade by reducing the price when and whore possible during the year.' Prices had already hoen reduced at every point in the Dominion, and to-morrow, to synchronise with the bonus to .be paid to shareTiolders, a further reduction in the price of cement of Is fid a ton would he made throughout the Auckland district. Tt might interest shareholders to know that this reduction in price would cost the company almost exactly the same as would the payment of the suggested bonus to shareholders.