INTEREST RATES
INCREASES IN AUSTRALIA LABOUR PARTY'S WARNING SYDNEY, March 25 Mr. J. Curtin, leader of the Federal Labour Opposition, commenting on the raising of the interest rates by the Commonwealth Bank and the trading hanks, challenged the Commonwealth Ministry to deal with the situation fearlessly. Mr. Curtin said the Commonwealth Bank had abdicated to the Bank of New South Wales, and Mr. A. C. Davidson, the manager of the bank, was now in control of the financial system of Australia. Ho warned the Government that if the Labour Party came into power at the next general election it would take the necessary steps to correct the position. The Adelaide banks have raised their fixed deposit rates as from Monday. Tho Prime Minister, Mr. J. A. Lyons, who is in Adelaide, disclaimed responsibility on the part of. the Loan Council or any Government authority for the interest rates. He said tho impression existed that the Commonwealth Bank's interest rate was fixed either by the Commonwealth Government or the Loan Council. The only influence any Government could have on interest rates was through the amount it borrowed and the consequent effect on the market.
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Bibliographic details
New Zealand Herald, Volume LXXIII, Issue 22378, 26 March 1936, Page 11
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193INTEREST RATES New Zealand Herald, Volume LXXIII, Issue 22378, 26 March 1936, Page 11
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