STATE ADVANCES

Evening Post, Volume CVIII, Issue 118, 14 November 1929, Page 8

STATE ADVANCES

(To the Editor.)

• Sl T'~^ e "Pfr m y°ur issue of 12th instant from the State Advances Office to my letter of "the same date does not in any way answer the main points I wrote about. I was, as I stated, referring more especially to recent loans. It would be interesting to know, up to what date tne return showing losses on loans was mude up For a very large portion of the period during which the State Advances Office has been lending money the loans were made on an infinitely more conservative yalaution, being not much more than about two-thirds of the Department's valuation, which in .those days was always very much on the safe side. These ioans were practically not more than half the actual value, and this on a normal property market. I still contend that loans to-day are being freely granted to amounts very close indeed up to full present values ■^^"SdVrjsa*is stm some-

SANITAS.

(To the Editor.) 12H 1"'7" 1? the "E? eni »S p°st" oE the 12th mst appeared a letter addressed to \u y-,. Samtas and immediately underneath it was a statement that a copy of the letter was referred to the State AdnCe? J Office ' and that the under the Advances to Workers, of advances ? ta£ ng SWSB7, amounted to £8264 isfactor regarded as highly satNow, Sir, as a taxpayer and one who has lent money on mortgages of freehold property for the past 38 years, I say that valuations under the Workers Act should have been so made that no loss could possibly have occurred, and that in case of loss that loss should fall upon those at fault in permitting such an advance that suctl loss became possible. It has been my custom when lending other people's money on my own recommendation to personally undertake to make good the loss if any should occur through faulty recommendation, as I deem it only just and right to do so, and I can honestly say that m no case of. the kind under my hands has a loss ever occurred. That being so how much more should it bo in-, cumbeut upon the Government to see that the people of this country who are the mortgagees should be equally if not more so guarded and protected from any loss no matter how small it might be.—l am, etc., "■ " , . -

KENNETH DOUGLAS. 14th November.