BANK OVERDRAFTS.
REDUCTION OF INTEREST. “MORE HARM THAN GOOD.” In answer to the Borough Council acting on the representations of the Whakatane County Counci, the Minister of Finance, the Hon. W. Downie Stewart, has replied that a compulsory reduction of interest on bank overdrafts would not produce the result anticipated, as where moneys are payable on demand any cut in interest that reduced the rate below the market rate would merely result in the advances being called up and thus do more harm than good. The same remark replied to all moneys payable on demand and not merely to bank advances!
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Bibliographic details
Waikato Times, Volume 111, Issue 18628, 5 May 1932, Page 6
Word Count
101BANK OVERDRAFTS. Waikato Times, Volume 111, Issue 18628, 5 May 1932, Page 6
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