FINANCIAL POLICY
STATE'S ENDEAVOURS MARSDEN MEMBER'S VIEW "The smallest difficulty the Government has experienced has been finding the money to do the job; the wise spending of the money is more difficult," said Mr. J. G. Barclay, M.P. for Marsden, when addressing a meetin" of electors at Maungatapere. "The biggest fight which bas faced the Government has been keeping down the rate of interest," Mr. Barclay continuel. "Much has been said about high taxation, but high interest is more damaging to industry. The large lending institutions have wanted to raise the rate, as has been done in Australia. The Government is going to continue to keep the rate down, and the only way to do that is to use the national credit in the Reserve Bank. Call it costless credit if you like. If we can't get local body loans at 3J per cent outside, we will get them from the Reserve Bank."
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Bibliographic details
Poverty Bay Herald, Volume LXIV, Issue 19454, 13 October 1937, Page 13
Word Count
153FINANCIAL POLICY Poverty Bay Herald, Volume LXIV, Issue 19454, 13 October 1937, Page 13
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