OVERSEAS DEBT
SUGGESTED-REDUCTION IN RATE
CHRISTCHURCH, August 24
The. opinion that an adjustment must be made in the interest rates oil New Zealand’s overseas debt, was expressed by Mr W. Maehin. in the course of an address, at a, meeting :of the Currency Committee test evening. He declared that the Dominion would need to have the same large adjustment in its external indebtedness that Great Britain had so successfully ach.eved with £2,oQO,(X)0,000 -of its debt trf reducing the rate of interest from 5 to 31 per cent. k. ... .
. Mr IjYlachin said .that the Government should get closely, into touch with those people who had lent money to New Zealand and ask them to readjust the rate of interest they were receiving. If that were done New Zealand could light-heartedly .go ahead with the process of .adjustment. It w r as stated that New Zealand had the heaviest national debt per. head cf population in the world, and he was’ cf opinion that no more overseas loam should be . raised, <•••>• z <
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Hokitika Guardian, 24 August 1932, Page 6
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170OVERSEAS DEBT Hokitika Guardian, 24 August 1932, Page 6
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