NO INTEREST

Dominion, Volume 12, Issue 61, 6 December 1918, Page 3

NO INTEREST

ON PATRIOTIC SOCIETIES' CREDITS. Some little time ago the secretary of the Advisory Board of New Zealand Patriotic War Eelief Societies (Mr. K. W. Shullcrass) wrote to the chairman of the Associated Banks as follows:— "A remit suggesting that banks should allow interest on the oredit balances of patriotic societies was considered at the last meeting of the Advisory Board, and it was decided that the banks should be approached for the purpose of obtaining this concession if possible. "I was instructed to say that the Advisory Board recognises the liberality of the .banks in contributing to patriotic funds.,- and the concessions which they have granted In the way of remitting exchange and keeping accounts free of charge, as well as other very generous acts on their part. It is, however, difficult for societies to estimate their requirements for current purposes, and at times there may be considerable sums to credit of accounts. "If the banks will agree to allow a reasonable rate of interest on these balances, calculated at periods to be decided upon, the concession will be greatly appreciated, and besides providing further .revenue, for patriotic funds, will give additional facilities to societies in tho management of their accounts. "I should be pleased if you will place the. matter before your association, and let me have a reply at your convenience."

The chairman's reply read as follows :— "I have to acknowledge receipt of your .letter of 25th ultimo requesting that the banks allow interest on the credit balances of patriotic societies. Your letter has boen placed before the representatives of the banks and fully considered by them, and I have now to advise, with very much regret, that thoy are unable .to grant the concession asked for."