INTEREST RATES
TO TUB EDITOR 0* TH£ PBRSS. Sir, —At last my faith lias been vindicated, and Mr Machin Jias found (to quote the heading of his recent address) "The way out of the slump." [ um particularly interested in his remarks concerning the "inequality of the financial strain among different sections of the community." Presumably he is hitting- at high salaries, and will endorse the opinion of Mr Forbes that reduction must take place if we are to avoid bankruptcy. Also his suggestion that "the interest-earning classes accept a reduction in interest rates." should bear fruit after his efforts to reduce the interest of the New Zealand Farmers' Co-operative debeuture-holdcrs to 4J per cent. In the meanwhile it is pleasing to note that Mr'Machin fully realises the drastic plight of the primary producer. Realising as he does that debentures are exorbitant at 6J per cent., he muist agree that the farming community cannot possibly carry on much longer at 8 per cent. —Yours, etc., GEORGE A. BRUCE. Island Hill, March 9th, 1932.
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Press, Volume LXVIII, Issue 20492, 10 March 1932, Page 7
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172INTEREST RATES Press, Volume LXVIII, Issue 20492, 10 March 1932, Page 7
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