STATE ADVANCES LOANS

Dominion, Volume 22, Issue 75, 21 December 1928, Page 10

STATE ADVANCES LOANS

OVERTAKING THE ARREARS ADDITIONAL £2,000,000 ARRANGED FOR REDUCTION IN RATE LATER The announcement was made by the Prime Minister (Right Hon. Sir Joseph Ward) yesterday, that he had expedited the work of lending moneys by the State Advances Department both for settlers and workers, and that 350 applications for loans, which had been standing over for a considerable period, had been passed by the board at its meeting this week for prompt payment. The amount authorised by the board exceeded £250,000. The whole of the applications dealt with, Sir Joseph Ward proceeded, were those for which valuations had been received by the board. He hail also given instructions that additional valuers were to be put on to ensure as prompt a return as possible of applications that had been in the hands of the board for as long as two years, amounting to over £3,000,000. He had .already arranged for £2,000,000 of fresh money at a satisfactory rate, and had given instructions that all applications for the £3,000,000 applied for were to be dealt with as promptly as possible. Valuations for each of them had to be obtained, as they had not yet been sent in by the applicants.

The Prime .Minister added that he had every hope that by the time .the present arrears were cleared off he would be able to reduce the rate of interest and keep the State Advances Department in funds. He thought it would be recognised generally that the arrears, including the £250,000 .authorised by the board this week, made the total amounts required in the vicinity of £3,400,000; and the main duty which he felt was imposed upon him at present was to supply those who were in urgent need of money with the amounts they required after the valiia-. tions had been received by the State Advances Department.