SPIRITED PROTEST

Hokitika Guardian, 18 March 1932, Page 6

SPIRITED PROTEST

BY STOCK EXCHANGE.

AGAINST REDUCTION OF

INTEREST.

(By Telegraph—Per Press Association)

WELLINGTON, March 18

The Wellington Stock Exchange lias sent a letter to the Premier and Minister of Finance expressing in the strongest terms its fears of the consequence, should the Government reduce the return to internal lenders who have -invested in Government loans-

The letter says that on a previous occasion the 'Wellington -Exchange said such a solution of the present difficulties should only be applied as the very last resource and of dire necessity. The meaning was, and still was. the necessity arising after every other source of revenue had been drained to the utmost drop. In the past, the credit of the Dominion has stood high in the money markets, and the appeal is made to maintain that high standard, no matter how ue might he pressed and what other Dominions might do is submitted. "VY ith all due respect to members of the Commission the suggestion as affecting interest payment, if acted upon will not make for equality of sacrifice. The effect of reduced interest would be so far reaching, as to embarrass the Dominion for many years and place a stigma for -all time on New Zealand. Members of the Exchange are really alarmed at the consequences, in the immediate -and distant future if the sanctity of national contrasts is sacrificed.