OVERDRAFT RATE
PREFERENCE WANTED WAITEMATA POWER BOARD “We ought to get preferential treatment; surely ours is a gilt-edged security,” said Mr. J. Mackie when the advice that the bank overdraft rate had been increased to 7 per cent, was received at to-day’s meeting of the Waitemata Power Board. Mr. S. E. Kennings: It is pretty hard with our security to be called on to pay 7 per cent. The chairman, Mr. J. W. Havden: The Bank of New Zealand should bo asked to place us on a special footing so that we pay not more than 65 per cent. Mr. G. Trevithick said that th~ answer from the bank would be that the board could not get special treatment, as the increase in rate was to stop the trend of too much borrowing. “But local bodies are treated onehalf per cent, better than other people.” protested the chairman. Mr. Trevithick: We haven't a hope because it’s a question of national policy. It was decided to apply to the bank.
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Bibliographic details
Sun (Auckland), Volume 1, Issue 45, 16 May 1927, Page 2
Word Count
169OVERDRAFT RATE Sun (Auckland), Volume 1, Issue 45, 16 May 1927, Page 2
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