INTEREST CUT
! HELP FOR N.Z. FARMERS
‘•CONCESSION OF MAGNITUDE.”
f Per Press Association — Copyright
WELLINGTON, April 26
Sir Alexander Roberts, chairman of the Associated Ctock and Station Com-, panies of the Dominion, questioned regarding interest charges following a reduction in the bank overdraft rate on May 1, replied: ‘‘When the Government was negotiating; with the banks for an overdraft reduction, similar approaches were made to the thirty-five stock and station companies operating in the Dominion.
“They readily and unanimously gave the Minister of Finance their undertaking that the companies’ rate of interest to farming clients would be reduced simultaneously with the bank overdraft rate, and to the same extent. Therefore the reduction operates from May 1.”
Inquiries as to the probable effect of this concession siiggest that it is of great magnitude. The companies generally have'observed a policy of keeping farmers on the land till better times arrive, and their aggregate advances to these clients is conservatively placed at well over £20,000,000. ' ■ ■'
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https://paperspast.natlib.govt.nz/newspapers/HOG19330427.2.54
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Hokitika Guardian, 27 April 1933, Page 6
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162INTEREST CUT Hokitika Guardian, 27 April 1933, Page 6
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