STATE PROPERTIES

Evening Post, Volume CXXII, Issue 14, 16 July 1936, Page 17

STATE PROPERTIES

WITHDRAWAL FROM SALE

A statement concerning the decision to withdraw properties in the metropolitan centres that, had been offered for sale by auction by the State Advances Corporation,.was made by the' Minister of Finance (the' Hon. W. Nash) yesterday. • . 1 The "Minister said Iw had recentlyhad discussions with the board of management of the Corporation in connection with .the general principles underlying the Government's housing policy, witti particular reference to the' position of the Corporation.; as mortgagee in possession of many urban and suburban properties. The • ■ Corporation, acting as mortgagee in possession "of properties, was under an obligation to the late mortgagors to'make their properties revenue producing, and had accordingly arranged tenancies of all vacant, properties which had fallen into.ite'hands. ; ■■' ■:

Some months ago, the board decided to test the market, and offered selected properties in the metropolitan centres for sale by auction. This was the normal procedure, of any mortgagee in possession,- but in view of the pending introduction of the Government's housing policy, especially,:in relation to the erection of dwellings for rental purposes," the board of management of :the Corporation had decided, after consultation with him, that for the pre-1 sent the properties which had been1 placed on the market should be withdrawn from sale. The action had already been taken.