INTEREST RATES
POAVER BOARD REDUCTION. The Horowhenua Power Board, at its meeting on Tuesday, decided to effect a reduction of one-half per cent, in tho rate of interest payable by its customers- on hire-purchase agreements. Mr G. A. Monk, chairman, said that his,'attention had been drawn by the secretary, Air Ramsay, to interest reduction. The general trend was to advocate tlie reduction of interest, and an edict had been issued by the Government to reduce interest rates by one-lialf per cent. The question had been raised to the board’s office of reducing the rato of interest on advances to consumers. Air Alonk took it that that did not apply to [last contracts. The board was not in duty bound to make it apply to post contracts, but it might do that. Air Aloi •so: AVhat rate 'of interest are we charging? The chairman: Seven per cent. Mr Seifert said that the board would set a good example by making a reduction. Cr Barber agreed with the idea. The chairman asked for a motion on the subject and Mr Seifert moved that the present and future rate of interest on hire-purchasing be reduced to G£ per cent., as"from October 1. The motion was seconded by Air Blenkhorn, and carried.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/MS19310820.2.31
Bibliographic details
Manawatu Standard, Volume IV, Issue 222, 20 August 1931, Page 3
Word Count
208INTEREST RATES Manawatu Standard, Volume IV, Issue 222, 20 August 1931, Page 3
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