LOWER INTEREST RATES.

New Zealand Herald, Volume LXVIII, Issue 20982, 19 September 1931, Page 11

LOWER INTEREST RATES.

BILL FOR COMPULSION. MR. LANG'S NEW MEASURE. REDUCTION 4s 6d IN POUND. By Telegraph—Press Association— Copyright. (Received September 19, 12.45 a.m.) SYDNEY, Sept. 16. The New South Wales Government's Interest Reduction Bill, which will be introduced into Parliament next- week, provides that (he rate of interest on mortgages, hire purchase agreements, preference shares, bank overdrafts and other similar obligations shall bo reduced by 22j per cent., or 4s 6d in the pound. The Premier, Mr. J. T. Lang, claims that the bill is in accordance with the Commonwealth rehabilitation plan. "GREATEST PROBLEM." UNEMPLOYMENT POSITION. CONCERN OF GOVERNMENT. CANBERRA, Sept. IS. The letter from Sir Robert Gibson, chairman of the Commonwealth Bank, to the Prime Minister, Mr. J. H. Scullin, regarding increased financial provision for the Federal and States Governments, stated that it was daily becoming more difficult to carry out all the obligations in connection with the Premiers' plan without endangering the financial fabric of Australia. Mr. Scullin, in the House of Representatives, said unemployment was the greatest problem confronting the nation. The Government would give serious consideration to the question of what steps could be taken to relieve distress and avert disaster.