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Poverty Bay Herald, Volume LV, Issue 17174, 3 February 1930, Page 11

An eel 18|lb. in weight and over 4ft. long, was caught in a flounder net in the Wanganui Itiver. Viscount Oraigavon, with Viscountess Cra'igavon, and Mr. Ardcll, pepjeaewting the Government, arrived in Palmcrston North early this afternoon, They were the guests of Mrs. A. EusBel'l. They, visited Massey College, and a civil'reception has been arranged. The visitors leave to-morrow after a visit to the Flock House for girls P.A. Referring to the raising of the bank rate reported on Saturday an Auckland financial authority stated: "The raising of the bank rate always tends to check extravagances. It is a distinct deterrent to importation, hut is a help to the exporter, thus aiding our primary producers, in that the money realised on wool and l butter, can bo transferred to New Zealand at little if any cost. The increase is the natural outcome of the increase in the interest of local government loans to 5£ per cent. This attracts, money lying with the banks, on fixed depsit; and as it is fixed deposit which the banks, look to to supply the credit for overdrafts, any reduction in them must reduce the money available for lending. To adjust the position the rate on both fixed deposits and overdrafts is raised. This raising of interest affects the New Zealand wool grower," the- expert added. "If the wool cheque for this season is insufficient to cover the grower's overdraft he will find the increased rate a heavy burden to bear, because, as a general rule, he looks on his wool cheque as a sure mean* of clearing up his indebtness to the bank.",