GOVERNMENT SECURITIES
SHARP REDUCTION SUGGESTED. MR COATES NON-COMMITTAL. WELLINGTON, Sunday. It is expected that legislation dealing with interest rates will be introduced next week, but the Minister of Finance, Mr J. G. Coates, said yesterday that he was not in a position to indicate the nature of the proposals. A rumour is in circulation that it is proposed to reduce interest rates on Government securities by 20 per cent on the original rates, to reduce deposit rates and to increase the stamp duty on local body debentures from 10 per cent, to 20 per cent. It is also stated that no action will be taken in regard to mortgage interest rates.
When these speculations were referred to Mr Coates he said he had nothing to add to his statement on January 27, when he intimated that arrangements for, dealing with interest on Government and local body securities had not been finalised, but if the Government's proposals could he successfully carried through a net saving of about £400,000 would aoorue to the Budget.
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Bibliographic details
Waikato Times, Volume 113, Issue 18875, 20 February 1933, Page 7
Word Count
172GOVERNMENT SECURITIES Waikato Times, Volume 113, Issue 18875, 20 February 1933, Page 7
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