INTEREST ON OVERDRAWN ACCOUNTS.
COUNTY COUNCIL’S PROTEST,
At yesterday’s meeting of the Alanawatu County Council advice was received from the Bank.of New Zealand to the effect that from last Alonday interest at the rate of 7 per cent, per annum would he charged on the Council’s overdrawn accounts. The letter went on to say that! the Bank regretted that the hardening of the value of money had. rendered it necessary for all hanks to make a corresponding increase in advance rates. .
Replying to a question, the chairman (Cr. W. H. Barber) stated that all the banks were in a pool.
“I do not think we should take the increase lying down,” stated Cr. Fagan who was of the opinion that a public protest should be made. Civ Fagan moved and Cr. W. Pearce seconded the following resolution which was carried unanimously : “That this council views with alarm the increased rate of interest being charged by banks for. local bodies’ overdrafts and that a copy of fhis resolution he forwarded to the Alinister of Finance.”
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https://paperspast.natlib.govt.nz/newspapers/MH19270512.2.13
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Manawatu Herald, Volume XLVIII, Issue 3637, 12 May 1927, Page 2
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174INTEREST ON OVERDRAWN ACCOUNTS. Manawatu Herald, Volume XLVIII, Issue 3637, 12 May 1927, Page 2
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