PACE TOO FAST.

Auckland Star, Volume LV, Issue 114, 15 May 1924, Page 7

PACE TOO FAST.

STATE HOUSING ADVANCES.

" CANNOT BE KEPT UP " SAYS THE i V PREMIER. £By Telegraph.—-Press Association.) WELLINGTON, this day. "I am not going to have any booms here while I am about. That sort of thing is no good to anybody," said Mr. Massey to-day to a deputation of local Labour members, which- waited on him and urged that more facilities be provided to obtain loans for houses under the State advances schemes, and to request that the moratorium (which expires at the end of this year) be lifted gradually, so as to avoid undue hardships. Mr. Massey stressed the point that the Advances Department was not discontinuing operations, and, said he did not think there was going to be the trouble over the expiry of the moratorium which some people imagined. Mr. Massey quoted the latest figures as to the amount which. had been advanced from ,the Advances office. During the last financial year, and perhaps including part of April of this financial year, there had been lent to 7743 borrowers £0,639,241. "I say .at once that you cannot keep that up,' and, if you attempt to go more rapidly than that, down comes the credit of the country, and you are up against it. I speak of what I know. As a matter of fact that rate cannot be maintained. It was too fast; too much money was going out, and a boom being created. I am not going to have booms here while I am about."