AUCKLAND WEST.

Auckland Star, Volume LIX, Issue 257, 30 October 1928, Page 9

AUCKLAND WEST.

MR. SAVAGE IN FORM. The Labour candidate for Auckland West, Mr. M. J. Savage, continued his campaign at the corner of Hackett Street and St. Mary's Road last night. Mr. R. F. Barter presided. Dealing with the activities of the State Advances and Public Trust, Mr. Savage quoted figures to 6how that since its inception the Advances to Settlers branch had advanced in round figures about £34,000,000, and that the losses during that period worked out at 5/3 per £100 of the total sum advanced. For the year ended March 31 the net profits of the office amounted to approximately £49,000, and the expenses of management averaged 3/4 per £100 of the capital invested. As a business institution the office was a fine example of modern methods, but an unsympathetic Government had practically starved the Department for funds during recent years. As the demand for money became intensified the Government invariably altered the law without increasing the amount of money for lending purposes. Ministers had frequently stated that Britain looked unfavourably upon loans for lending purposes, preferring to lend for purposes of public works. This Mr. Savage considered to be ridiculous, as in either case the credit of the Dominion was behind the loan, and British manufactures or services would be taken. The real reason was the opposition of the Associated Banks, which stood to lose in competition with State lending institutions.

At the conclusion of his address Mr. Savage was accorded a toU> of thajiku and rqnfirignflft ■■■■i Vm