FAMILY HOME SCHEME

Press, Volume XCIX, Issue 29224, 7 June 1960, Page 12

FAMILY HOME SCHEME

£lin Capitalised In City

(From Our Own Reporter) WELLINGTON, June 6.

The capitalised family benefit scheme helped more families in Christchurch than in Wellington during its first year of operation According to figures released by the State Advances Corporation, more loans were authorised in Christchurch than in any other New Zealand city except Auckland.

In New Zealand 13.976 loans, involving the capitalisation of benefits to 25,270 children, were authorised. The capitalised value of approvals for the first year, which ended on March 31, was £8,790,569, of which Christchurch families received £1,012,848. The Christchurch approvals totalled 1646, involving 2860 children. Of the applications authorised for Christchurch, 1051 allowed families to purchase a new home or erect a new home on a section to be acquired, 179 granted money to build a new house on a section already acquired. 219 allowed families to reduce or repay mortgages or other amounts owing on home properties, and 197 were for additions or alterations to existing properties. Though the capitalised value of approvals given was nearly £9m, the actual payout by March 31 was only £3,801.299 It is regarded as certain that because of the steady flow of applications and the backlog of last year’s approvals, there will be a much bigger pay-out this financial year, and an acceleration in house building in all main centres. Comparative Figures

The numbers of applications in main centres, ind the capitalised value of benefits in each case, with special reference to main South Island centres, were as follows:

Auckland. 3601, £2,220,825; Wei. lington, 1601, £978,126; Christchurch. 1646. £1.012.848; Dunedin. 749. £443,380; Blenheim. 177, £108,419; Nelson. 291, £173.916; Greymouth, 107. £62.248; .Timaru, 301. £203,204 Of the amounts actually advanced before March 31, Auckland led with £1.058.895 received. The amounts advanced to other main centres were: Hamilton. £414.149; Napier. £290.796; New Plvmouth. £130.459; Wellington. *, 703.090: Nelson. £172.901; Christchurch. £655.813; Dunedin. £250.896: Invercargill. £125.481. An examination of approvals given shows that Christchurch loans, at an average of £615, are slightly above the Dominion average. They follow the usual New Zealand trend, in that the number of loans for the building of new hotises on sections yet to be acquired is approximately five times those of the other three categories In Greymouth the average loan has been £5Bl, and in Timaru £670.

What the world has’ to eradicate is fear and ignorance.—Jan Masaryk.