STATE ADVANCES LOANS.

Manawatu Times, Volume XLVI, Issue 2234, 21 September 1922, Page 5

STATE ADVANCES LOANS.

REPLENISHING THE COFFERS. HIGH RATE OF INTEREST TO BE CHARGED. MONEY SOON AVAILABLE. . (From our Parliamentary Renorter.) WELLINGTON, Last Night, During the committee stage of the State Advances Bill to-night, Mr, Massey, in referring to the £2,000 000 of new money which he stated last week he intended to place to tae credit of the State Advances Department, mentioned a difficulty he was faced with, in not being able to lend money above a certain rate of interest. He would be lucky, he said, to borrow money at present at 5 per cent., and even if he did so, he would have to lend a out at 5 A per cent., which he was not permitted to do by present legislation. In reply to an interjection from Mr. Sidey, he added that there was a good deal of legislation still to come down this session, anu provision would be made for lending at a higher rate. As an indication of his sincerity of going on with the proposal, he coulu nlace half a million into the State Advances Department within a week.

The State Advances Bill was eventually passed through committee with a new clause providing for money to be lent at one per cent, higher rate than it was raised, subject to half pci cent, discount for prompt payments. WAR MEMORIAL MUSEUM. AUCKLANDERS AWARDED FIRST PRIZE. OUT OP 74 COMPETITORS. (Per Press Association > AUCKLAND, Last Night. Awards in connection with the competitive designs for an Auckland War Memorial museum are: Messrs Grierson, Aimer and M. K. Drat'fin (AuckI land) first prize of £tioo, Messrs R. W. McLaurin and C. H. Mitchell (Wellington) second prize of Messrs E. G. Le Petit and G. E. Dawnes (Auckland) third prize of £IOO. The entries included designs from Britain, America, Canada and India, totalling 74, SOLDIER’S BONUS BILL. VETOED BY PRESIDENT HARDING. NEW TARIFF MEASURE PRESENTED. [By Electric Cable—Copyright.] [Aust. and N.Z. Cable Association,] (Received Thursday, 2 a.m.) WASHINGTON, Sept. 20. President Harding has vetoed the Soldiers’ Bonus Bill. The Senate passed the Tariff Bill by forty-three votes to twenty-eight. It now goes to the President.