STATE MORTGAGES

Grey River Argus, 1 August 1935, Page 4

STATE MORTGAGES

TRANSFER TO CORPORATION. HUGE SUM INVOLVED. WELLINGTON. July 31. A meeting of Cabinet was held this afternoon to consider the important question of authorising Orders-in-Couneil for the transfer of the State loan securities to the new Mortgage Corporation of New Zealand. The matter was discussed thoroughly for three hours, and although considerable progress was made as to detail, it was decided to resume the discussion tomorrow. The importance of Cabinet’s deliberations may be gauged by the fact that the projected transfer of the State mortgage securities involves a -um of aboyt £42 500.000; although, of course, it does not, follow that the full amount of the securities will be taken over by the Mortgage Corporation. which aims to take only the sounder of the loans.