FINANCE FOR STATE HOUSES
METHOD EXPLAINED BY MINISTER fFrom Our Parliamentary Reporter.! WELLINGTON, September 14, Finance for State housing is made available from the Reserve Bank against Treasury bills, according to a statement made by the Minister for Finance (the Hon. W. Nash) in the House of Representatives to-day, in answer to a question! from Mr A. C. A. Sexton (Independent, Franklin). Mr Sexton asked whether the money for the housing department was obtained by means of the creation of credit, as in the case of the dairy Industry account, or whether it was obtained by the Reserve Bank by borrowing.
“Money required for the housing department has been obtained from the Reserve Bank against Treasury bills,” said the Minister. “During certain ■periods, however, when idle Government balances have been lying at the Reserve Bank, some of the bills have been taken over and held as investments by Treasury accounts,”
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Press, Volume LXXIV, Issue 22507, 15 September 1938, Page 12
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150FINANCE FOR STATE HOUSES Press, Volume LXXIV, Issue 22507, 15 September 1938, Page 12
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