RATES OF INTEREST.

Taranaki Daily News, 13 April 1918, Page 2

RATES OF INTEREST.

TO BE CONTROLLED BY STATE. STATEMENT BY FINANCE MINISTER. Mr. L. M.. Isitt (Chrialchurch North) asked the Finance Minister without notice on Wednesday if it was competent, under existing conditions, .for any insurance company to increase the rate of interest on mortgages now existing on policies. Sir Joseph Ward said that additional War Regulations would be gazetted presently. These would give the Government control of the rates of interest'of all kinds. (Hear, hear.) That was necessary, he thought, during the balance of the period of the war. (Hear, hear.) Authority would be asked to ensure that local public bodies came under the moratorium provisions, the same as individuals. That course was being taken to prevent interest charges being raised to anybody or to public bodies throughout the country, and that branch of. the subject referred to by the lion, member would come under the regulations. (Hear, hear.);) If the regulations were not sufficient so far as.-loeal bodies, were concerned, the matter would.be provided for in the Finance Bill.

. A member: ''Will that be retrosp.ec five?"

The Finance Minister replied. that j.t hardly could be retrospective, ft might be necessary for the Government to make some further arrangement in-regard to mutual insurance companies. No perw m ilie country must be allowed <to force up the rate of interest, either to individuals or to local. bodies. ..*