CHEAPER MONEY.
SMALL REDUCTION PROMISED.
HALF PER CENT. NEXT YEAR. (By Wire—Parliamentary Reporter.) Wellington, Last Night. “I have been in communication for some time with the -associated banks with the object of getting the rate of interest reduced,” said Mr. Massey tonight, “and I am glad to be able to say authoritatively that the rate of interest on overdrafts for good accounts will be reduced by one-half per cent, from January 1 next. This will make the rate 6% per cent.” “I Enow that money is going to be cheaper,” he added. “I do not believe we shall have to pay 5 per cent, for our next loan; I think that when next we go upon the London market we shall probably be able to get our money at not more than four and a half per cent. Then there must be a corresponding reduction in the price of money in the country itself. What I have been aiming at for a long time has been to make money cheaper.”
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https://paperspast.natlib.govt.nz/newspapers/TDN19221030.2.27
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Taranaki Daily News, 30 October 1922, Page 4
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170CHEAPER MONEY. Taranaki Daily News, 30 October 1922, Page 4
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