PREMIER EXPLAINS
STATE ADVANCES OFFICE TWO MILLIONS ACCUMULATED FOR BUILDING RUSH. “NEARLY ALL GONE.” Replying an tho debate on the Financial Statement, the Prime Minister explained that the temporary investments of the State Advances Office Were made when building was slack during the war period, to form a reserve when the rush for building came along. The system was commenced in Sir Joseph Ward’s time as Finance Minister (said Mr Massey), followed up by Sir James Allen, and continued in his own time; and he thought it quite right and proper. Two millions in all had been accumulated, but when the demand for money for building came,. he had to give instructions that the reserve should be allowed to go. It bad been going at the rate of £70,000 a month, and now there was not much of it left.
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Bibliographic details
New Zealand Times, Volume XLIX, Issue 11306, 4 September 1922, Page 4
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140PREMIER EXPLAINS New Zealand Times, Volume XLIX, Issue 11306, 4 September 1922, Page 4
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