RATES OF INTEREST.
LOWERED BY BUILDING SOCIETIES. (By Telegrapli.—Press Association.) WELLINGTON, Wednesday. The principal building societies in tlie Dominion have agreed to lower the rates of interest paid on deposits by.-J per cent, as from August 1. A corresponding reduction will be made in rates of interest on new loans made by ; the societies. J The reductions are conditional upon other ilnancial institutions acting similarly. it is slated' that a conference of representatives of 'building societies was held at Wellington early in the present month to consider the question ol' reducing interest rates, and certain proposals were submitted to 49 societies operating in the Dominion. Favourable replies have been receivod from the 29 principal societies. The vales of interest paid by most of the building soci'eiies arc 4 per cent, for money at call and 5 per cent, on 12 months’ deposit. These rales will be reduced by i per cent.
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Bibliographic details
Waikato Times, Volume 110, Issue 18394, 30 July 1931, Page 2
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151RATES OF INTEREST. Waikato Times, Volume 110, Issue 18394, 30 July 1931, Page 2
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