LOAN MONEY.

Hawera Star, Volume XLVIII, 26 August 1924, Page 5

LOAN MONEY.

LOCAL BODIES GETTING TOO

MUCH

LITTLE! LEFT FOR FARMERS IMPORTANT STATEMENT.

(by TELEGRAPH —PRESS ASSOCIATION ) WELLINGTON. Aug. 26. Speaking at Levin, Mr. Massey said that borrowing by local bodies at rates up to 6} per cent, was interfering with the farming industry, and the Government- would have to do something about it. He was afraid they would have to curtail the borrowing powers of local authorities by reducing the rate ot interest at which they mio-ht raise money. Complaints were continually reaching him, and the Government found it could not provide all the money required by settlers. He would be able to say more in a week or two, but meanwhile he thought they would have, to deal drastically with the inflated values. The moratorium, had done very little good during the last two years because it enabled the people to invest in local body debentures He was trying to find a larger supply of money for settlers.