State Cannot Finance All

Sun (Auckland), Volume 1, Issue 102, 21 July 1927, Page 15

State Cannot Finance All

RURAL BONDS ISSUE STATEMENT BY MINISTER (THE SUN’S Parliamentary Reporter.) WELLINGTON, Wednesday. “'T'HE question is simply whether the Government is to be the only house-builder and the only institution to finance farmers,” said the Minister for Finance, the Hon. W. Downie Stewart, in the House to-day when replying to several requests from the Opposition side of the House that further money be provided in the State Advances for relief of the housing position in all parts of the Dominion. The Government could not take the responsibility to build a house for everyone in the Dominion. If it was going to be done, someone else would have to be secured to do it. He assured members that there was no discrimination in respect to the treatment of applications from the Government side of the House. He had received complaints from all parts of the compass. He had expected them when he took on this job. In respect to the operations of the rural advances scheme, there had been a suggestion that only one lot of bonds were issued. This was not correct, as the bonds went on all the time. It was not desired that the Government invite money into its own funds for the State advances because of the possibility of competing with the bonds. Farmers would then complain that the Government had spoiled the success of the bonds. The prospectus was being drawn at the present time, and he was discussing the exact terms upon which the Government would approach the market. In two or three weeks it would be known how they were going to go. ______________________