STATE ADVANCES.

Press, Volume LIX, Issue 17941, 8 December 1923, Page 17

STATE ADVANCES.

LOANS FOR HOUSES. GOVERNMENT'S VIGOROUS POLICY. (PaXSS ASSOCIATION TKLEGBiii" WELLINGTON. December 7. Interviewed regarding the progress made by the State Advances Department in regard to loans for housing and other purposes, the Acting-Minister of Finance (the Bon. W. Downie Stewart) stated that the figures to the end of November showed that astonishing work was being done by the Department, money being paid out at the rate of over half a million a month. Since April practically £3,600,000 had been paid out, Whilst £2,380,000 had been advanced for the whole of the last financial year, it was fully anticipated that for the current year the total loans would approximate £5,000,000. The figures showed that for the specific purpose of erecting homes for workers since the new Act was passed £516,925 had been authorised, as against £337,570 for the purchase of homes. The amount actually paid over during the same four months was £501,110, of which £296,950 was for the erection of homes and £204,160 for the purchase of homes. This disparity was increasing each month. It was also interesting to know, Mr Stewart said, that the average loan made by the Department for the erection of each worker's home was £5759 [the figure is probably meant for £575], which was evidence of the care being exercised to prevent undue inflation both of land and buildings. Since the increased lending facilities had been granted, the total amount paid over during the last six months for the erection and poirchase of homes and the repayment of existing mortgages amounted to £2,315,554. Over £42,000 had been lent to local bodies for the erection of workers' dwellings. As an evidence of the assistance rendered those borrowers who were paying high rates of interest on their loans, £1j325,350 had been advanced for repaying existing mortgages. Provision for loans on chattel security was also being availed of, and £32,660 had-been advanced for this purpose. These figures, Mr Stewart said, furnished eloquent testimony to the vigorous manner in which the policy laid down by the Act was being carried out, and he received frequent testimony to the (splendid work being done by this Department, j