STATE ADVANCES.
THREE MILLIONS A YEAR. RATE TO BE CONTINUED.
Pin* Press Association. AUCKLAND, Jvine 10.
Mr Massev, speaking at a banquet to the Hon." C. J. Parr, said that the State Advances Department was a little too enthusiastic in its lending while he was away in London. He found on returning that we were faced with tremendous liabilities. It had been necessary to limit the loans to £250,000 monthly, or three millions a year, and that rate of lending could be kept going. Speaking of the clamour for a State bank, the Premier said that we practically had such an institution in the Bank of New Zealand. The Government recently purchased 375,000 sbares at par, Which were now quoted on the exchange at 52s 6d, representing from £500,000 to £600,000 to the good on the deal.
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Bibliographic details
Manawatu Standard, Volume XLIV, Issue 1038, 10 June 1924, Page 5
Word Count
137STATE ADVANCES. Manawatu Standard, Volume XLIV, Issue 1038, 10 June 1924, Page 5
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