INTEREST RATE CONTROLLER

Wanganui Herald, Volume LIII, Issue 160725, 11 August 1920, Page 11

INTEREST RATE CONTROLLER

(By Telegraph—Special to “Herald”). WELLINGTON, August 10. “As Minister of Finance I have been doint* everything possible, and intend going on doing it, to keep down the rate "of interest to a reasonable point." declared the Premier in the House today. Ho assured members that if he gave wav to the numerous requests in a short time the rate of interest would be up to S per cent. This statement was made as the result of a question by Mr Sidev (Dunedin) regarding the difficulties of local bodies and educa tzonal authorities, who find themselves unable to borrow money within the official limitation of 51 per cent. One educational bodv lias been informed by the Bank that the future charge on the overdraft would bo 6 per cent. Mr Massey exp,reseed the opinion that the Government could not interfere with the interest on an overdraft, but it was controlling the general rate of interest.