Bank Interest Reduction
MATTER FOR CITY COUNCIL. The Whakatane Borough Council -wrote to the Palmerston North City .Council last evening with reference to the National Expenditure Adjustment Bill and noting that there had not been incorporated any provision for tho reduction of the rate of interest charged by the commercial banks operating in New Zealand upon advances, and further stating that while prices for primary and other products showed phenomenal decreases, and whilo many businesses and industries were working at a loss, the commercial banks were enabled to sustain their charges at boom time rates. The City Council was asked to make representations to the to provide for tho compulsory reduction by tho Banks of flic interest rate upon advances, such reduction to bo commensurate with the other reductions proposed, that is 20 per cent. The suggestion was approved so far as it affects local bodies.
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Bibliographic details
Manawatu Times, Volume LV, Issue 6837, 19 April 1932, Page 8
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146Bank Interest Reduction Manawatu Times, Volume LV, Issue 6837, 19 April 1932, Page 8
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