INTEREST ON DEPOSITS.
THE POST OFFICE BANK. EFFECT OF PRESENT LIMIT. [BY TELEGRAPH.—PRESS ASSOCIATION.] WELLINGTON, Wednesday. A proposal that the Post Office Savings Bank should riot limit the amount of deposits on which it- pays interest was recently made to the Prime Minister by the New Zealand Farmers' Union. To-day, Mr. Forbes replied that the pro- i posal would practically mean turning the bank into a commercial bank, entailing radical alteration in the forms of investment' of the bank's funds. Short-term commercial deposits could not safely bo invested in long-term investments, and that class of deposit would be of little ] use to the Government, which was unable to agree to increase the present maximum amount of £2OOO on which interest is payable.
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Bibliographic details
New Zealand Herald, Volume LXVIII, Issue 20866, 7 May 1931, Page 8
Word Count
122
INTEREST ON DEPOSITS.
New Zealand Herald, Volume LXVIII, Issue 20866, 7 May 1931, Page 8
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