STATE ADVANCES.

Auckland Star, Volume LVI, Issue 216, 12 September 1925, Page 15

STATE ADVANCES.

CLEARING UP ARREARS. FOUR OR FIVE MILLION LOAN. (By Telegrapb.-7-Parllameiitary Beporter.) WELLINGTON, Friday. So much has been said by members this session regarding the disappointment of their constituents "who had vainly waited for State loans that the Minister of Finance, the Hon. W. Nosworthy. wisely anticipated their further complaints when the State Advances Estimates were considered to-night by making a statement to demonstrate that a vigorous policy has been adopted to clear off arrears. He reminded the House that he previously indicated that two millions of new capital had been provided, and that repayments enabled the Department to provide £1,250,000 annually for new loans. With the additional capital to be raised this year the office would be able, if the present rate of applications continued, to overtake last year's arrears, and clear up the position by March 31 next. The Government was now considering further capital, and probably a loan of between four and five millions would be raised. He anticipated no difficulty in finding the money, and expected, within a few weeks, to be able to make an announcement regarding the terms. "Loans raised now will not be at the low rate of past years," added the Minister, "consequently it may be necessary to increase the rate of interest to workers and settlers, but I will not do it unless it is necessary." He assured the House that the Government was very anxious that there should be no delay in • clearing Tip the ] arrears of applications. Mr. Geo. Forbes: How far are you behind now? That would be some information to people waiting. j Mr. Nosworthy: March or April last; we have that to make up. The Minister made it clear that, while applications put in now would probably be dealt with in six or seven months, that was conditional on the proposed loan being raised, and that the number of applications re- i ceived remained- normal, as at , present. The Estimates were passed by the House with surprisingly little discussion, although several members had to tell hard tales of mortgages due and overdue, and lack of housing in their districts.