MILLION LOAN.

Manawatu Standard, Volume XLIV, Issue 1075, 23 July 1924, Page 10

MILLION LOAN.

FOR STATE ADVANCES DEPARITvicNT. Asked ns to tho purposes for which the loan of £I,OOO,GUO, notified from London, was intended, tho Prime Minister stated in Wellington that it was for tho State Advances Department. Mr Massey added that lie had placed an order some little- time back for this loan, with instructions to the London agents to act when the time was ripe. Ho did not conceal his pleasure at the knowledge that the loan was secured on the same favourable terms as his £5,000,000 loan, floated in May last. Advice from London indicated that tho loan was placed without affecting the market in any way. “We have something of a difficulty, however, in the high rate of exchange?’ said Mr Massey. “It will cost a good deal to have the money transferred to New Zealand just now. It is my intention, therefore, to have the money invested in London for some little time, in short-dated loans.” “The loan is for State advances,” said Mr Massey, in reply to a further question. Ho would not indicate anything further, as to its appropriation, saying that the Financial Statement, to bo presented to the House of Representatives on Wednesday evening, would contain the exact purposes of the new loan.