DEARER MONEY

Sun (Auckland), Volume 1, Issue 47, 18 May 1927, Page 13

DEARER MONEY

REPLY TO MR. HOLLAND government not to blame Press Association. DARGAVILLE, Monday. Some recent references by the Reader of the Opposition, Mr. Holland, t° e ra * es °f interest were referred ° by ;he Prime Minister in his adress here this evening, wh r ’ recently stated that nen the Reform Party came into i wer It was found that the amounts at low rates of interest arted to decline substantially, while h e a mounts borrowed at high rates nt ? an . to increase. The Leader of the PPosi.ion implied that the Reform w ’ a s responsible for the rise in o rate of interest, remarked Mr. voates, whereas he knew full well that ra tcs had increased the world over. sr» i.» he for &°tten that there was a *1 J var * with its enormous destrucc J l . °5 Property and consumption of dpm i during and since the war the sun *° r mone y far outstripped the * and rates of interest rose everywhere.

int ®rest rates in New Zealand, Wi i * dr * Coate s. remained surprisMuch of the credit for this rripn* tlle P° lic y of the Govern,»Lj , lending departments through avnu\, hu * e sums had been made anrt e at low rates. Between 1911 end the State Advances cJr!t e t dvancod £26.000,0U0 at 41 per advl’ ’ VhUe the ''hole of the £22,500,000 .l anje d to returned soldiers was at th*» rate of 5 P e r cent. Yet, in of such facts, Mr. Holland i & y the blame for the increase tnentl rate °* Interest on the Govern-