DEVELOPMENT WORKS.

Press, Volume LX, Issue 17985, 31 January 1924, Page 8

DEVELOPMENT WORKS.

MR MASSEY APPLIES FOR

LOAN.

C?2XS3 ASSOCULTIOH TELSGSiif.)

WELLINGTON, January 30.

Mr Massey stated yesterday that, prior to leaving London, he had applied on behalf of New Zealand for a special loan of £4,000,000 in connexion with the offer made by the British Government to the Imperial Conference of financial aid to the Dominions for development works. Mr Massey added: "It is, of course, subject to ratification by the new Government and appropriation by Parliament." He refused to disclose his views as to whether the loan, if made available, would he utilised in connexion with the East Coast Main Trunk railway. LOAN CONDITIONAL. FURTHER EXPLANATION BY MR MASSEY. (rsEss assocxitios- muicmy.) WELLINGTON, January 30. The Prime Minister interviewed by a "New Zealand Times" representative, stated that the cabled statement by the City Editor of the London "Daily Telegraph" that he understood "that arrangements are nearly completed for the issue of an interesting Colonial Government loan," and that "the amount applied for is fairly substantial, and it is probable that the stock will be offered for public subscription, during the present week," did not apply to any New Zealand loan. The only New Zealand loan that could be said to be on tho tapis at the present time, added Mr Massey, was a loan for £4,000,000 which he had. mentioned some months ago might be applied for by the New Zealand Government under the scheme of cheap loans for immediate developmental purposes put before the Imperial Conference by the late Baldwin Government. But that loan must stand over for the present. It could not be gone on with until the necessary legislation had been passed to give effect to the scheme. He had no means of knowing whether the new Labour Government would take the matter up and pass the required legislation, but if the scheme was proceeded with, lie would certainly advise the New Zenmnd Government to take advantage of it.