BIGGER INTEREST.

Manawatu Times, Volume LXV, Issue 1889, 7 April 1913, Page 5

BIGGER INTEREST.

AT SAYINGS BANK.

MINISTERIAL ANNOUNCE-

MENT.

n*Te»o Association. —By Telegraph. Christchurch, Last Night. The Hon. R. Heaton Rhodes, Post-master-General, who arrived in Christchurch from Wellington today, informed a press representative that in view of the present stnte of the money market, the Government has, after due consideration, decided ' to pav an increased rate of interest to Savings Bank depositors from the Ist May next. The rate will be increased to 3% per cent on the balance held by any depositor not exceeding £3OO. Over £3OO the present rate will apply. It is considered that those whose savings are entrusted to the Government through the Post Office Savings Bank and who are not able to invest their money in large sums with banking and other institutions, should reap some benefit from the increased rates at present ruling, and it may fairly be claimed that 3% per cent on money which is daposited at call is more liberal treatment than investors of small sums would receive elsewhere.

This matter was dealt with by the Prime Minister at a function in Now Plymouth on Friday evening last, and Mr Rhodesia surprised that the Press Association omitted to mention it.