THREE PHASES

Evening Star, Issue 22379, 1 July 1936, Page 8

THREE PHASES

GOVERNMENT'S MOWING PLAi ‘•INTEREST RATES MHST CNK HWN" [Special to the ‘Stab.’] WELLINGTON, July 1. There are three phases of the Govern, meat’s hodsing plan. The first is the building of new liouses, the second improvement of existing homes, and the third the handling of the financial side. This was made clear in an interview today with the Prime Minister (the Right Hon. M, J. Savage). Mr Savage said that improvement of homes would not increase accommodation to any extent,.but the financial side wanted careful consideration, as it was tha object of the Government to get rates of interest down, not temporarily, but for all time. “ Money has been our master too long," said the Prime Minister. Asked whether the State would refinance existing borrowers who were at present in difficulties over second mortgages or other advances. Mr Savage replied that it was the Government’s desire to re-establish occupiers on_ a satisfactory basis, provided the equity, was in property, but this was a question which would be. considered when, the mortgage legislation was brought down when Parliament resumed, “ The question often arises: Is there any equity left?” said {the Prime Minister. “But - I can say this: Whatever we can do to re-establish people in their homes we will do. There is no stopping plaefe for our activities;”