STATE ADVANCES.

Press, Volume LXVII, Issue 20382, 31 October 1931, Page 20

STATE ADVANCES.

TO THE EDITOR 0* THE PRESS. Sir,—As examples of "liberal exi tensions of time" and "full .consideration" mentioned by the Hon. W. Downie Stewart as being given by the Btate ; Advances ,Office to mortgagors, the fol-. I lowing cases might be mentioned. ; A has been offered an extension of ; time from 30 to 36 years, and thereby i a reduction in his yearly interest bill of ! £l2—a matter of approximtaely 2-sth , per cent. Foe this generous concession he ; finds that by paying the slightly smaller ; amount for the longer period he would j be paying the Department over £BOO ; more than he would under his present i mortgage. B, a hard working man who | lives very modestly, has his property put up for public auction. ' The motion passed by the Associated Chambers of Commerce Conference urging the Government to fall in line with the majority of private mortgagees in helping to meet the position is a step in the right direction, for the time is for a move Igr th« State Ja;

this matter. Coalition candidates might note this. The fire can't be hotter than the frying pan for a STATE MORTGAGOR. October 29th, 1931.