GOVERNMENT AND TREASURY BILLS
STATEMENT BY MR SAVAGE [Special to “Northern Advocateri WELLINGTON, This Day. The Prime Minister, the Hon. M. J\ Savage, has clarified a statement made on Friday regarding the interest payable by the Government on Treasury bills. It was reported that Mr Savage had said there would be a definite alteration in the amount of interest payable on Treasury bills, and that the Government would not go on paying ovef 5 per cent, for London accommodation.
Mr Savage said his statement must have been misconstrued. At the present' time the Government was not paying anything like 5 per cent, for Treasury bills, and the question of London accommodation did not come into the question at all. Just after the exchange rate had been raised to 125 in 1933, Mr Savage said, the Government of the day had been paying over 5 per cent, to the trading banks on Treasury bills. The gist of his earlier statement had been that with the Reserve Bank as an entirely State institution, as under the Government’s programme, there would no longer be any need to pay such high rates.
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Northern Advocate, 23 March 1936, Page 3
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188GOVERNMENT AND TREASURY BILLS Northern Advocate, 23 March 1936, Page 3
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