INTEREST REDUCTION.

Manawatu Standard, Volume LII, Issue 121, 22 April 1932, Page 8

INTEREST REDUCTION.

DEFINITE ASSURANCE SOUGHT. Uneasiness concerning what were considered to be significant innuendos to the effect that the proposed 20 percent. reduction in interest under Government legislation was likely to bo varied in its application, and did not include the banks, was expressed at a meeting of the executive of the Alanawatu Daily Farmers’ Union in Palmerston North yesterday afternoon. The matter was brought up by Air W. H. Gimblott. who said an assurance should be sought that the 20 per cent cut in interest was to be applied without distinction or exemption in order to achieve equality of sacrifice. He stated that the attitude of the Prime Alinister towards the subject seemed to give some ground for concern, and they should insist on the 20 per cent reduction before any further economies were effected. The executive passed a resolution that the Prime Alinister and the secretary of the Dominion executive of the Farmers’ Union be written to asking if there was to be a definite reduction of 20 per cent in interest charges, including those for all internal loans, and inquiring, if the banks were not included, why they were not, so far as their advances were concerned. It was further decided that, if the banks were not included, a deputation consisting of Messrs N. Campbell, W. H. Gimblett and L. Poupard should proceed to Wellington to press the matter, and that the support of other public organisations should be enlisted.