HIGHER BANK RATE.
GOVERNMENT SORRY BUT HELPLESS. At this week’s meeting of the Shannon Borough Council, a letter was received from the Minister of Finance", acknowledging receipt of copy of resolution passed by the Council at its last meeting protesting against the increased Bank rate. In reply the Minister stated that the Bank rates are fixed by the Associated Banks, and, while it is regretted that they have considered it advisable to raise the overdraft rate at the present juncture, the Government have ho power to, interfere in the matter. The trade position is already showing signs of improvement and it is hoped that: the rise in the rates will prove to be but a temporary expedient. The letter was received.
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https://paperspast.natlib.govt.nz/newspapers/SNEWS19270602.2.11
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Shannon News, 2 June 1927, Page 2
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121HIGHER BANK RATE. Shannon News, 2 June 1927, Page 2
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