INTEREST RATE TO FALL.
IMPORTANT STATEMENT BY PRIME MINISTER, Speaking in the House on Saturday night the Prime Minister said flint the great need of this country was cheap money. He had been in communication with the banks, and as a result of a conference held that morning he was able to announce that the banks had ugreed to reduce the rate of interest by one-half per cent, from January Ist. next. That would bring the rate down to (if per cent. He believed ha money was going to be cheaper on the Bondon market, and did not think that New Zealand would have to pay 5 per cent, for its next loan. They could get the money they required on shorl-dated loans of less than 5 per eent. The term of the next loan would be not less than ten years. He thought that when New Zealand went on the Bondon market in about five months’ time the loan would be issued at 4A tier cent. A fall in the price of money at Home would" be followed by a fall in New Zealand. Cheaper money would mean increased production.
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Manawatu Herald, Volume XLIV, Issue 2500, 31 October 1922, Page 2
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191INTEREST RATE TO FALL. Manawatu Herald, Volume XLIV, Issue 2500, 31 October 1922, Page 2
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