ACTION MAY BE TAKEN TO HAVE BANK CHARGES REDUCED.

Star (Christchurch), Issue 18804, 5 July 1929, Page 3

ACTION MAY BE TAKEN TO HAVE BANK CHARGES REDUCED.

hether the time was ripe for concerted action by Chambers of Commerce in an effort to have the rate of interest on bank overdrafts reduced, was a question which faced the council of the Canterbury Chamber of Commerce last night. The council referred the matter to its Economics Committee. The Auckland Chamber of Commerce wrote on the subject of a further reduction of bank rates. Matters had been brought to a head by the following resolution from a body in the Auckland district:—“That this meeting makes representation to the Auckland Chamber of Commerce with a view to their undertaking promotion of joint action by Chambers of Commerce for reduction in the bank rate on overdrafts.” The Canterbury Chamber was asked whether it thought the time was ripe for such concerted action on the part of leading Chambers of Commerce in the Dominion. A newspaper cutting which was read conveyed the opinion of the president of the Wellington Chamber that it would be inadvisable to move in the matter until the annual conference of the Associated Chambers of Commerce. The president criticised the former Government for not dealing with the matter. Mr J. G. Herdman: Would it not have greater weight if it were dealt with by the Associated Chambers? Mr C. P. Agar said that apparently the Auckland Chamber was trying to ascertain the feeling of the larger centres before making representations to the Associated Chambers. He moved that the matter be referred to the Economics Committee. Mr Agar's motion was carried unanimously.