INTEREST RATES.

Press, Volume LXVIII, Issue 20490, 8 March 1932, Page 11

INTEREST RATES.

OB UttTOtt 0* TUB PKBSS. frj—flare all the economists, Chamfcg|d Commerce, writers of leading jrtgja/Md numerous correspondents jw'aed? In readiug the report /sfcet it styled "The Economists' ftMpfttee," one is astounded to find tfiCMMßiltee to strongly advocating lb of <acred contracts by mef »w*j r ' n g the present depresMl' sad in their advocacy they are MBtftod by tiie opinions of men who iterijr devoid of ordinary comHltaal integrity. If the breaking of tOtucte by the Treasury and local ttiiu, Harbour Boards, Drainage Jamb, etc.j is the only remedy for nimniiinjf the present financial difM&tVtnen H«w«n help the future 4 ti»» country. One has always reliandful of ms ranimineadiss gut the Treasury ajpld mwduste rthar sacred obllgaall" local Statu to that only I»5«ouId be penaiI«d they been con|Mj that external be made i| of ttiis country lined for all time, have been inflicted fie past would pale those which dishonourable reiese misguided adion. Hundreds of itrusted their life ernment and local slief that their sav- !. would ltave to ruin; which they I ndure. By reducajested the loss of lens will be enorto the Treasury of If interest must ome about by pri)etween lender and ion by Statute, leople who imagine iman—the so-called kave been fortunate thrift and industry lay be a few thouide no sacrifice, are idle talk. I know ame have lost hunsands of pounds of i no fault of their ivy depreciation of tad yet there are c these people have nd would now fur>7 declaring that 7 depleted incomes ther raided. Who ServMt with even in salary—a mere bat many have al- , are still further ave business men ial integrity! Have recommending the to reduce their s by 20 per cent., hatter what should .righteous, dealings *■ •lable contracts, s at least one man i a high sense of . W. Downie Stewormer occasion de--1 to reduction of »tion and I trust I still prevail," and enee others to fo!h. Should the rei Economists' Com!ct to-and please I the Treasury and" that bondholders iction in interest, 1 lolders if they so a sacred contract have every right Jtion of their loans smand their money t as much right to * to demand a re»ay say J detest ''ting letters to a 5 bondholder.