THE MORATORIUM
POSITION OF DEPOSITORS. Some people who have money on deposit are finding that owing to the extension of the moratorium they are unable -to withdraw their money, and have to borrow in order to meet their engagements. They have to pay substantially more for the borrowed money than they are getting for their own money on deposit, and they have asked if they are entitled/ under the Act of last session, to charge the difference against the person or institution holding their money. The Attorney-General (Sir Francis Bell) said yesterday that, a man who was in this position had to suffer for the good of his country as a whole up to May 31. That' was the date to which the absolute moratorium existed. After that the moratorium would be continued only in cases where the -company concerned gave the necessary notice. Then the- lender would bo entitled to at least 1 per cent, extra. A li’nder in the position stated might feel that he had a ckv.ni to the extra percentage charged him by Ihe bank,-but that was a matter to be placed before a Judge of the Supreme Court in chambers, who would have to decide the question of hardship.
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https://paperspast.natlib.govt.nz/newspapers/DOM19210405.2.25
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Dominion, Volume 14, Issue 162, 5 April 1921, Page 5
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204THE MORATORIUM Dominion, Volume 14, Issue 162, 5 April 1921, Page 5
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