REVISION OF INTEREST.
CHARGES TO FARMERS.
TO BE REDUCED ON MONDAY.
WELLINGTON, Wednesday,
Sir Alexander Roberts, chairman of the Associated Stock and Station Companies of the Dominion, questioned regarding revision of interest charges, following the reduction in the bank overdraft rate on May 1, replied:— “ When -the Government was negotiating with the banks for a reduction in overdraft rates, similar approaches were made to the 35 stock and station companies operating in the Dominion. They readily and unanimously gave the Minister of Finance -their undertaking that the companies’ ■interest -charges to farming clients would he reduced simultaneously with the hank overdraft rate, and to the same extent. Therefore, the reduction operates from May 1.” Inquiries as to the probable effect of this concession suggest that it is large. The companies generally have observed the policy of keeping farmers on the land till better times arrive, and their aggregate advances to these clients are placed conservatively at well over £20,000,000.
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Bibliographic details
Waikato Times, Volume 113, Issue 18930, 27 April 1933, Page 8
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159REVISION OF INTEREST. Waikato Times, Volume 113, Issue 18930, 27 April 1933, Page 8
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