PARLIAMENTARY JOTTINGS

Hokitika Guardian, 5 November 1921, Page 2

PARLIAMENTARY JOTTINGS

OFF TO THE CUP. SPECIAL TO GUARDIAN. AVELLINGTON, Nov. 4. The House had a very quiet afternoon, some of the time being devoted to a debate on the marketing of produe,, in London. Mr Massey strongly advised paodurers to form their own organisations and send a representative to London. The House then adjourned until. I Thursday. THE BANK RATE. AVELLINGTON, Nov. 4 The Prime Alinister told the House to-dav that he had received a cablegrant reporting the hank rate in London was down to 5 p“r cent. This was i particularly gratifying piece of news. The ratv had been falling gradually for - some weeks past, and he was disposed to accept the opinion of a very experienced commercial man who told him that ail era of cheap money was approaching. New Zealand had been compelled lately to borrow money at (! per cent, hut lit- had a hut,vs felt that it had not got value, when it had to pay this rate of interest. The money could not lie used on public works that would give a return of fi per cent. He did not think the Dominion could afford to pay more than 4 j per cent for public works money. Memlier-—AA’ill it bring down the bank rate here?

Mr Massey—Yes. only to-dav 1 refused to allow some of the I .ending T)ep;Yitments to increase the rate of interest to (it per cent. 1 regard the tall in the rate of interest at home aa particularly valuable to this country.