Farmers Disturbed Over Interest Rates

Sun (Auckland), Volume 1, Issue 42, 12 May 1927, Page 8

Farmers Disturbed Over Interest Rates

MONOPOLY OF BANKS? ADVOCATES OF RURAL CREDIT (Special to THU SUX. ) \VANOANUL To-da, Farmers along the coast are ' much concerned over the alleged polistic attitude of the hanks deneed by the increasing rate of 7 1" terest. It is understood tht Mr n- , Poison, president of the New Zeafal Farmers Union, proposes to rent. , “>? ni. Stewart! day week. ' Mr. A. Robinson, at a . Union meeting to-da>, slated thlmt Minister in lus address at Feikii nf * • announcing a scheme for udvan*,!! money on town properties, had adon-i; one of the clauses of the proper farmers banking scheme. The Ze difficulty was that he had not gone fa enough and extended advances t broad acres under the same scheme.

LOCAL-BODY PROTEST

RATE TOO HIGH (From Our Otra Corespondent,} MR PALMERSTON NORTH, To-day. 4 The action of the Associated Banks in increasing the rate of interest m public bodies’s overdrafts to seven per cent, did not pass without adverse comment when a notification to that effect was received at a meeting of the Manawatu County Council on Wednesday. 5 The opinion of the members w*. that the rate now in force in the Dominion was all too high, and on the motion of Cr. Fagan, seconded by Cr Pearce, a motion was passed:— '-iw this council views with alarm the increased rate of interest being charged by banks for local bodies’s overdrafts and tjiat a copy of the resolution be forwarded to the Minister of Finance”