ADVANCE TO GOLDMINE

Waikato Independent, Volume XXIV, Issue 3224, 27 May 1924, Page 3

ADVANCE TO GOLDMINE

PRIME MINISTER’S REPLY. MR MASTERS’ STATEMENT (By Telegraph—Press Association) WELLINGTON, Saturday. Replying to a statement made by Mr Masters, M.P., at Cambridge, “that while farmers were unable to obtain loans from the State Advances Department, the Tauranga Goldmining Company secured five thousand sterling on third mortgage at six per cent,” Mr Masoy says this statement might give the impression that the State Advances Department had made an advance to the Goldmining Company, bu t this is not the case. An advance had, however, been made by the Mines Department for the purpose of prospecting and developing a mine in the Tauranga district (from which already a large quantity of gold and silver had been taken) in the same manner as tho Mines Department had assisted a number of other mining enterprises in different parts of the Dominion.