BANK INTEREST ON OVERDRAFTS.

Waikato Independent, Volume XVII, Issue 1401, 20 January 1914, Page 5

BANK INTEREST ON OVERDRAFTS.

To the Editor.

Sir, —1 have been very much interested in the views expressed in your paper re the above. I agree that there is no excuse for the present exorbitant bank charges,which is evidenced by the one fact that the Bank of New Zealand made a profit last year of over. £350,000. Bank managers have no conscience now at call. New Zealand is a better and safer country for investment than Australia, yet the bank charges here are nearly 50 per cent, higher. Can any excuse be offered for this disgraceful state of things? If so, I should like to know it. I admit there is some excuse for the Bank of New Zealand making a huge annual profit, but none for the other banks, who have always done well out of us. It is the action of these other banks that I complain of. We are paying far too much for bank accommodation, and the sooner we start a State Bank now, the better for New Zealand. Even should we make a Loss by a State Bank, as we may do, yet to check bank rapacity we had better do so. The State Fire In. surance Department has proved its worth, and I venture the opinion that a State Bank would be equally successful.—-I am, etc., Mercantile.