REDUCTION IN BANK BATES.
(1?hom Odh Own Cohresponbbnt.) Wellington, December 13. I learn on undoubted authority , that tho Australian Bauks— who, ib naiufc iv faints he said, some time ago led the way ia lowering depofiib ratea— hvva now substantially reduced their advance rates all round, and that the rate for good mercanl ile discount will from to-day with these institutions be now 5 per cent. This iflagreatf*ct forthe me rcautile community, And phould lead to a gradual diversion of much capit-I* to legitimate trade aud other investments. Further, it should had to a reduction of the extraordinary rates that; tho Treasury continues to pay on Saviugu B*nk deposits, which still stand afc 4 per cent for depoiits up • to £500 aud 3£ for over. This is meant in come obscurd way to assist Mr Ward's system of finance/ but it must be unprofitable forthe country in ~m»ny ways that ace too obvious to need explanation. .
The tender of Mr F. Drayton Bamfleld for the railway advertising on the Haranni- Bluff section for a period of five years has been-ac-cepted.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/OW18951219.2.149
Bibliographic details
Otago Witness, Issue 2181, 19 December 1895, Page 44
Word Count
180REDUCTION IN BANK BATES. Otago Witness, Issue 2181, 19 December 1895, Page 44
Using This Item
No known copyright (New Zealand)
To the best of the National Library of New Zealand’s knowledge, under New Zealand law, there is no copyright in this item in New Zealand.
You can copy this item, share it, and post it on a blog or website. It can be modified, remixed and built upon. It can be used commercially. If reproducing this item, it is helpful to include the source.
For further information please refer to the Copyright guide.