INTEREST RATES.
REDUCTION HOPED FOR, Addressing shareholders at the annual meeting of the Bank of New Zealand to-day, Mr W. Watson, the chairman, remarked that there had been no change in interest rates within the Dominion since the last meeting. “Although the demand for money exceeds the supply, we hope that ere long it may be possible to bring about a reduction of rates, but as the banks do not control interest rates, nothing can be accomplished in the way of reduction unless certain other important interests can be induced to co-operate,” he said. “The Bank of England rate was reduced from 3 per cent, to 2£ per cent, on May 14. It is to be hoped that the lower rate will tend to stimulate enterprise in the Old Country, though it is feared that the accumulation of funds in London denotes want of confidence in the industrial outlook The Bank of England rate has little 'or no effect on rates here.”
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/MS19310619.2.54
Bibliographic details
Manawatu Standard, Volume LI, Issue 169, 19 June 1931, Page 6
Word Count
162INTEREST RATES. Manawatu Standard, Volume LI, Issue 169, 19 June 1931, Page 6
Using This Item
Stuff Ltd is the copyright owner for the Manawatu Standard. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in