OVERDRAFT RATES
REDUCTION IN AUSTRALIA ANNOUNCEMENT BY BANKS. Press Association—By Telegraph—Copyright. SYDNEY, June 20. (Received June 20, at 10.5 a.m.) . The Bank of New South Wales and the Commercial Banking Company of Sydney announce that the maximum rate of interest on overdrafts will be 5 per cent, as from July 1 next. This represents a reduction in the maximum rate of one-half of 1 per "cent, in the case of the Bank of New South Wales and i in the case of the Commercial Bank. The Associated Banks of Victoria, in making a somewhat similar announcement, limit the application of the reduced rate—namely, 5 per cent.—to the overdrafts of primary producers, and make a reduction to 4J per cent, in the case ot overdrafts granted to churches and public hospitals. 1
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Evening Star, Issue 21751, 20 June 1934, Page 9
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131OVERDRAFT RATES Evening Star, Issue 21751, 20 June 1934, Page 9
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