MORE THAN HINT
(Press Assn.-
N.S.W. NOW CONSIDERING LOWERING INTEREST RATE
-By Telegraph — Copyright)
Sydney, Septemher 5. The Premier, Mr. B. S. Stevens, stated that Cabinet was considering the question of reducing ratas of interest to all its own dehtors. The Government considers this will help to stimulate industry and employment. The Telegraph says the maximum rate of interest will be 4 per cent. The interest on loans to municipalities, corporate bodies, and other institutions is as high as 6i per cent., but recently the Government had been lending relief money to as low as 3 per cent. The new scheme, if operated, will greatly assist the Water Board and other Government bodies, also the shire and municipal councils. ■ Anticipation of lower interest rates overseas is behind the move. As it is expected that large conversions will take place before the end of the year the Government intends this gesture as more than a hint to private banks and other financial institutions.
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Bibliographic details
Rotorua Morning Post, Volume 2, Issue 320, 6 September 1932, Page 5
Word Count
162MORE THAN HINT Rotorua Morning Post, Volume 2, Issue 320, 6 September 1932, Page 5
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