HOUSE AND FARM FINANCE

Evening Star, Issue 19614, 21 July 1927, Page 5

HOUSE AND FARM FINANCE

A MINISTER’S PROTEST STATE SHOULD NOT DO ALL [From Our Parliamentary Hitcuter.] WELLINGTON, July 20. That the State should be the only house builder and the only organisation to finance farmers was a position against which the Minister of Finance made a strong protest in the House to-day. He had listened to a large number of complaints from members whose constituents had applied for workers’ dwellings loans, hut had to exorcise too much patience. A Wellington member had the grievance that some applicants paid deposits on sections, intending to complete the deal when the State advances loan was available,’ but when it failed to appear they were obliged to forfeit their deposits

It was the suggestion that the Government was to be the only lender that Mr Stewart countered. He remarked that he was just on the point of putting nut the prospectus of loan bonds for rural advances. There would be a succession ‘of bond issues for this purpose, and if successful it would provide ample fun is for farmers, and thus relieve the advances of capital for house building. Ho had put to Cabinet recently a proposal to inform members that no further loan application bo received for the present, but it was decided to await the result of 'lie rural bond issue. The ical question was whether the Government should bo the only house builder and the only person to finance farmers. Ho could not see that the Government ought to take responsibility for every house builder in New Zealand “And if that is going to he done there will have to be someone else to do it.” The Minister added that ho realised the enormous pressure put on members to push for advances and loans lor constituents, but it was quiie improper to suggest that the Government side was more favored than other members. Ho got as many complaints from Government members as from tho other side.

Mr Jordan (from tbs Opposition benches) : 1 think we can agree that the matter is being dealt with fairly, politically. The Minister repeated his assurance that a. successful mral bond issue would relieve capital for dealing with housing applications.