STATE ADVANCES OFFICE.

Otago Witness, Issue 3662, 20 May 1924, Page 47

STATE ADVANCES OFFICE.

MODIFIED LENDING PROGRAMME. PRIME MINISTER AVERSE TO “ BOOMS.” WELLINGTON. May 15. “I am r.ot going to have any booms here while I am about. That sort of thing is no good to anybody.” said Mr Massey to-day to a deputation of local Labour members, which waited on him to urge that more facilities should be provided to obtain loans for houses under the State Advances scheme, and to request that the moratorium. which expires at the end of this year, should be lifted gradually, so as to avoid undue hardship. Mr Massey stressed the point that the Advances Department was not discontinuing operations. He said he did not think there was going to be the trouble over the expiry of the moratorium which soma people imagined. He quoted the latest figures as to the amount which had been advanced from the Advances Office. For the last vear, and perhaps including pari of April of this financial year, there was lent to 7743 borrowers the sum of £6,639,241. “I say at once that you cannot keep that up. because if you attempt to go more rapidly than that down comes the credit of the country, and you are up against it. I speak of what I know. As a matter of fact, that rate cannot be maintained. I was too fast; too much money was going out, and a boom was being created, and T am not going to have booms here while I am about.”