INTEREST RATE TO BE REDUCED SOON.
COMMERCIAL BANK OF AUSTRALIA’S DECISION. United Press Assn.—By Electric Telegraph—Copyright. (Received August 8, 8.45 a.m.) MELBOURNE, August 8. Addressing the shareholders of the Commercial Bank of Australia, Mr John Webb, Chairman of the Board of Directors, announced that the bank would reduce the rate of interest by 1 per cent from October 1. Mr Webb referred to the Victorian Government’s previous threat to compel banks to do this. He said that Legislative interference might so hamper the banks that it would be impossible to further help the Governments, while the arbitary fixation of the rate of interest would possibly make money dearer or force further capital from the country.
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Star (Christchurch), Volume XLIV, Issue 187, 8 August 1931, Page 1
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115INTEREST RATE TO BE REDUCED SOON. Star (Christchurch), Volume XLIV, Issue 187, 8 August 1931, Page 1
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