SAVINGS BANKS' INTEREST.

New Zealand Herald, Volume XL, Issue 12402, 26 October 1903, Page 6

SAVINGS BANKS' INTEREST.

TO THE EDITOR.

Sir, — is beyond comprehension how a financier and statesman like Sir Joseph Ward should bo taken on the hop and express himself as ho did over the bank interest. Presuming it was the Savings Bank ho reforred to, we can only suppose that there must have been more to upset him than was reported; at any rate if that is the policy of the- Government it is inexcusable. Things have come, to -a pretty pass when a Government supported by, and supposed to be working foi the benefit;of, working classes, threatens to prevent savsrs from benefiting by a rise in interest. I certainly think if the Government borrow at 4£ per cent, or 5 per cent, it ought to allow more than 3 per cent, to depositors, considering it has the use of the money, and surely it ought not object to the Auckland .Savings Bank giving 4 per cent.,; for, according to the last balance-sheet, it borrows from that institution, and no doubt [ gives considerably less than 5 per cent., the maximum proposed for the present loan. It would be far better if, instead of making a fuss' over other people';; business, the Government would do somctlung to help small, capitalists by issuing the 5 per cent, deben-

hires over counter, limiting iU ar T"*"" '• ' , issued to any on© applicant.■ T&i?&i*?«* - ; Ward need, not worry, for donoiw 0l!e l* : ' : not bank at A per cent. if thL r™"u Wou l<* ' ; percent. The present systemof S]P * 5 tog some lap institution umlem : l *"'*• • V'holo loan, which moans a .U e X "'" ' : of ;debentures find their war Horn* V** : interest goes out of the colony £■,?!*• serious than .a: poor man saving's fiy, morft ' ' :' getting i per coat, move interest , " ,; ? spends in the colony.-I am etc mut * c * __; ' < Ji - ALU;;; ■ ■ . ;, . :_ .-■•• ' — "" 1.5.