STATE PROPERTIES.

Auckland Star, Volume LXVII, Issue 167, 16 July 1936, Page 10

STATE PROPERTIES.

WITHDRAWN FROM AUCTION. MINISTER'S EXPLANATION. 1 (By Telegraph.—Parliamentary Reporter.) WELLINGTON, this day. An explanation was given to-day by the Minister of Finance, the Hon. W. Nasli, of the action of the State Advances Corporation in withdrawing properties in the metropolitan area which had been offered for sale by auction. Mr. Nash said he had discussed the general principles underlying the Government's housing policy with the board of management of the corporation, laying particular stress 011 the position of the corporation as mortgagee in pos.session of many urban and. -suburban properties. Acting as mortgagee in pos-; session of properties, the corporation was under an obligation to the former] mortgagors to make their properties revenue producing, and had accordingly arranged tenancies of all vacant properties which had fallen into their hands. ' Some months ago, the Minister added, 1 the board had decided to test the market, and had offered for sale by auction selected properties in the metropolitan centres. "This is the normal procedure for any mortgagee in possession, but in view of the pending introduction of the Government's housing policy, especially in regard to the building of dwellings for rental purposes, the board of management of the corporation have decided, after consultation with me, to withdraw from sale those properties, 'which have been placed 011 the market, and that course has been followed."