STATE ADVANCES
A LITTLE TOO MUCH ENTHUSIASM (BY TELEGRAPH.—PRESS ASSOCIATION.) Auckland, June 10. Mr. Massey, sneaking at a banquet to the Hon. C. J. Parr, said that the State Advances Department was . a little too enthusiastic in its lending while he was' away in London. He found on returning that we were faced with tremendous liabilities, and it had been necessary to limit loans to £230,000 per month or three, millions per year. That rate of lendingi could be kept going. Speaking of the clamour for a State bank, the Premier said we practically had such an institution in the Bank of New Zealand. The Government recently purchased 375,000 £1 shares at par, and these were now quoted on exchange at 525. 6d., representing £500,000 to £600,000 to the good on the deal.
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Bibliographic details
Dominion, Volume 18, Issue 220, 11 June 1924, Page 8
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133STATE ADVANCES Dominion, Volume 18, Issue 220, 11 June 1924, Page 8
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