State Advances.
To tho Editor. Dear Sir. —I read in last night’s 44 Stai that the rate of interest is reduced fro April. Our Government mortgage is dxi Can you tell me why the Government K not reduced the rate of interest seeing i have a 20 per cent wage cut?—l am, et WORKER. The rate of interest was reduced by per cent from April 1, but not below 5 p cent. Therefore there would be no redv tions on a 5 per cent mortgage, and whe the 20 per cent reduction would bring t previous rate under s»per cent, the cut do not apply below 5 per cent. For infttam a 20 per cent reduction on 5i per cent won reduce the rate to 4 9-10ths per cent, b the rate would remain at 5 per cent.—E< “ Star.”
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Bibliographic details
Star (Christchurch), Volume XLIV, Issue 458, 20 May 1932, Page 6
Word Count
139State Advances. Star (Christchurch), Volume XLIV, Issue 458, 20 May 1932, Page 6
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