DOES NOT WANT BUILDING BOOM.

Star (Christchurch), Issue 17350, 15 May 1924, Page 8

DOES NOT WANT BUILDING BOOM.

PREMIER IN CAUTIOUS MOOD. Put Pk.ua Association. WELLINGTON, May 10. ‘' i am not 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, who waited on him to urge that more facilities should be provided to obtain Joans for houses under the State Advances scheme, and to request that the moratorium, which expires at the end of this year, should • he lifted gradually, so as to avoid undue hardship. Mr Massey stressed the point that the Advon.ces Department was not discontinuing operations. He said he did not think there was going to be the trouble over the expiry of the tnorartorium which some persons imagined. He quoted the latest figures as to tbe amount which bad been advanoed from the Advances Office for the lost year, and showed that including part of April of this financial year, their had been lent to 7743 borrowers the sum of £6.639.241. “ f say at once,” said Mr Massey. ‘‘ thiat 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 J know. As a matter of fact that rate cannot be maintained. Tt was too fast. Too much money was going out, end a boom was being created, and T am not going to have booms here while I am about. ,r