FACTS FOR INVESTORS
BANK INTEREST RATES Apropos of the action of the New Zealand Banks in raising the interest payable on short-term deposits, the “Mercantile Gazette” says:— The Associated Banks are obviously suffering from the competition of others for short-term deposits, and have thus been forced to improve their rates and conditions and to treat the short-term depositor Avitli more liberality. As from December 15th, the banks will allow 35 per cent, on deposits lodged with them for three months, and any days in excess of a complete month will carry interest at the full rate of 3*2 per cent. Hitherto no interest was payable for days in excess of a complete month. Thus (lie rate is advanced to ss. per cent, and interest is payable up to the date of withdraw! — that is, on the broken time in excess of the agreed period. This is an important concession and should prove attractive to those having funds for which safe temporary investment is required. At the same tifffc?. this competition on the part of the bank's for deposit presages a higher advance rate, and that seems inevitable. Credit has been steadily contracting liecause of the shrinkage in the values of the primary products exported, consequently money is scarce. The banks are not likely to raise their lending rates just yet, but such an advance, if put into operation, would hasten a ireetileation of the maladjustment that exists between the primary and secondary industries.”
Does tobacco growing in New Zealand pay? The answer to that question is: Look at the rapidly increasing number of men on the land who are now turning their attention to tobacco culture in this country. The early attempts to put New Zea-land-grown tobacco on the market (about 30 years ago) were it must be confessed, disappointing. The samples produced were very crude. But modern methods of culture and treatment of the leaf have completely altered all that, and as an average crop of New Zealand tobacco is now worth £SO per acre (sometimes more) there can be no question about tobacco culture paying the farmer. As to the “weed” in its manufactured form it is excellent. Unlike most of the imported brands it contains very little nicotine, and may be indulged in ad lib. without harmful results, while the toasting of the leaf (quite a new idea) develops flavour and aroma surprisingly. Undoubtedly this industry, already nourishing, is destined to become of national importance. Leading lines are: Kiverhead Gold, mild; Navy Cut (Bulldog), medium; and Out Plug No. 10 (Bullhead), full. Caversham Mixture is the latest addition.
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Manawatu Herald, Volume XLVIII, Issue 3579, 23 December 1926, Page 1
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431FACTS FOR INVESTORS Manawatu Herald, Volume XLVIII, Issue 3579, 23 December 1926, Page 1
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