STATE ADVANCES.

Otago Daily Times, Issue 19233, 25 July 1924, Page 6

STATE ADVANCES.

INVESTMENTS IN LONDON. (From Oue Own* CorbespondentA WELLINGTON, July 24. State advances continue to be a subject of regular inquiry by members in the House of Representatives. To-day Mr F. Langstone (Waimarino) gave notice that he ■would ask the Minister of Finance on nest question day what rate of interest hew Zealand was receiving for the investment in London of the loan recently raised ol £1,000,000, which was intended for State advances. “Does this re-investment not tend,” asked Mr Langstone, “to increase our exchange rate and militate against the interests of tho dominion?’’ Tiro Leader of tho Opposition (Mr Wil ford) referred to a matter that had formed the subject o! criticism of the Govern ment in his speeches during the recess. He asked the Prime Minister wouid he table the balance sheet of the State Advance* Department for the financial year 1923-24 prior to the debate on the Financial Statement. Ho was anxious to have the history of the amount of £1,160,009 referred to in the previous balance sheet as a temporary investment.

Mi Massey said he would be pleased to make inquiries and would have no objection to the balance sheet being tabled as requested. “It will bear out what 1 said all along, that the whole of the money still belongs to the State Advances Department,” said Mr Massey, “and was utilised for the purposes of the Department. I have explained that the money was re-invested very properly, and in accordance with the Act we retained it as an investment until it was required.