BIGGEST LONDON WHARF

Sun (Auckland), Volume III, Issue 671, 24 May 1929, Page 10

BIGGEST LONDON WHARF

NEW ZEALAND PRODUCERS INSPECT RUSSIAN DAIRY RIVALRY (Australian and X.Z. Press Association.) ; Reed. 9.5 a.m. LONDON, Thursday. A party of New Zealand producers, headed by the High Commissioner, Sir James Parr, inspected Hay’s Wharf. | which is London’s greatest, piloted jby the director, Admiral Sir Aubrey | Smith. i Later the party cruised downstream ; and saw the Mataroa unloading butter j and cheese at the King George Dock, j The producers were very satisfied with the handling. Sir Aubrey Smith eulogised New { Zealand's packing. j The party inspected the cold stores, | containing vast supplies of New Zealand and Australian butter and cheese, i Officials called attention to the increasing Russian rivalry with Denmark, New Zealand, and Australia. Sir James Parr, in a speech at lunch, said the New Zealanders appreciated Messrs. Hay's efforts to facilitate the marketing of produce. A director, Mr. Humphrey, said he would welcome any Dominion ideas as to improvement in handling. BUILDING LOANS AT 5 P.C. NELSON SOCIETY’S MOVE Press Association NELSON, Thursday. I The Nelson Permanent Building So- I ciety at its annual meeting last evening, carried a proposal to lower the rate of interest on loans from 6 to 5 per cent. In moving the motion of reduction, t he Hon. W. W. Snodgrass, M.L.C., said the directors of the society had every confidence in recommending this action. They had over £200,000 out on mortgage, and a reduction of 1 per cent, was an extraordinary step. Recently the Prime Minister, speaking at Napier, said th€> Government was going to advance money at 52 per cent. It was owing to the splendid management of the society that the directors would be able to beat the Government rate and help borrowers to the extent indicated when they reduced the rate of interest on loans by 1 per cent, in June. Mr. W. Lock, speaking as a shareholder, said he thought it would be a wise move to reduce the rate. Everybody in Nelson would be gratified with the proposed rate of interest to be charged. The society had been in existence for 67 years, and had not lost a penny through bad investments. The motion was carried unanimously.