RATES OF INTEREST
HOPES FOR REDUCTION BANK CHAIRMAN’S STATEMENT (Special to the Herald.) WELLINGTON, this day. “There has been no change in interest rates within the Dominion since you were last addressed from this chair,” said the chairman of the Bank of New Zealand at the annual meeting to-day. “Although the demand for money exceeds the supply, we hope that ere long it may be possible to bring about a reduction of rates, but as the banks do not control interest rates, nothing can be accomplished in the way of reduction unless certain other important interests can be induced to co-operate. “The Bank of England rate was reduced from 3 per cent, to 21, per cent, on May 14. It is to be hoped that the lower rate will tend to stimulate enterprise in the Old Country, though it is feared that the accumulation of funds in London denotes want of confidence in the industrial outlook. The Bank of England rate has little or no effect on rates here.”
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Bibliographic details
Poverty Bay Herald, Volume LV, Issue 17498, 19 June 1931, Page 7
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169RATES OF INTEREST Poverty Bay Herald, Volume LV, Issue 17498, 19 June 1931, Page 7
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