CHEAPER MONEY.
MR MASSEY ANNOUNCES REDUCTION. “1 have been in communication for gome time with the associated banks with the object of getting the rate of interest reduced, and I am glad to be able to say authoritatively that, the rate of interest on overdrafts—for good accounts—will be reduced by one-half per cent from January 1 next,” stated the Prime Minister on Saturday night, “This will make the rate -six and ahalf per cent. “I know that money is going to get .cheaper. I do not believe w& shall have to pay five per cent for our next ’< loan. When next we go upon the ’.London market we shall probably be :able to get our money at not more .than four and a-half per cent. Then sthere must be a corresponding reduction iin the price of money in the ccmhtiy itself. What I have been aiming at for a long time has been to make money cheaper.”
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https://paperspast.natlib.govt.nz/newspapers/SNEWS19221031.2.14
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Shannon News, 31 October 1922, Page 3
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157CHEAPER MONEY. Shannon News, 31 October 1922, Page 3
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