TWO MILLIONS FRESH MONEY FOR ADVANCES.

Star (Christchurch), Issue 18642, 20 December 1928, Page 1

TWO MILLIONS FRESH MONEY FOR ADVANCES.

VIGOROUS FORWARD MOVE BEING MADE BY THE DEPARTMENT. MANY APPLICATIONS PASSED THIS WEEK. (Special to the “Star.”) WELLINGTON, December 19. It was demonstrated by the Prime Minister in an interview to-day that the State Ad- 1

vances’ Department is already making a vigorous forward move. Sir Joseph said he had expedited the work of lending money's by the State Advances Department, both for settlers and workers, and that 350 applications for loans which had been standing over a considerable

period had been passed by the board at its meeting this week for prompt payment. The amount authorised by the board exceeded a quarter of a million of money. The whole of the applications dealt with were those for which valuations had been received by the board. He had also given instructions that additional valuers were to be put on to ensure as prompt a return as possible in the applications that had been in the hands of the board for as long as two years, amounting to over three millions sterling. Sir Joseph went on to say he had already arranged for two millions of fresh money at a satisfactory rate, and had given instructions that all applications for the three millions applied for were to be dealt with as promptly as possible. Valuations for each of them had to be obtained as they had not yet been sent in by the applicants. He had given special instructions that an increased number of valuers were to be employed so as to give all the expedition possible to those requiring money. He had every hope that by the time the present arrears were cleared off he would be able to reduce the rate of interest and that he would be able to keep the State Advances Department in funds. It would be recognised generally that the arrears, including the £250.000 already authorised by the boar.d this week, made the total amount required in the vicinity of £3,400,000, and the main duty which he felt was imposed upon him at present was to supply those who were in urgent need of it with the amounts they required after the valuations had been received.