State Advances

Evening Star, Issue 20054, 20 December 1928, Page 13

State Advances

Sir Joseph Ward’s Success ) CLEARING UP ARREARS \~ TWO MILLIONS BORROWED [Special io tue 4 Star.’] WELLINGTON, December 19. It was demonstrated by tho Prime Minister iu an interview to-day that tho State Advances Department is already making a vigorous forward move. Sir Joseph said he had expedited tho work of lending moneys by the State Advances Department, both for settlers and workers, and that 350 applications fo” loans which had been standing over for a considerable period had been passed by tbo board at its meeting this week for prompt payment; and the amount authorised by tho board exceeded a quarter of a million of money. Tho whole of the applications dealt with were those for which valuations had been received by tho board. Jlo had also given instructions that additional valuers were to bo put on, to ensure as prompt a return as possible in tho applications that had been in tho hands of the board for as long as two years, amounting to over £3,000,UUO. FRESH RESOURCES. Sir Joseph went on to say that ho 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 bo dealt with as promptly as possible. Valuations for each of them had to he obtained, as they had not yet been sent in by tho applicants. Ho had given special instructions that an increased number of valuers were to bo employed so as to give all the expedition possible to those requiring money. Ido had every hope that by the time tho present arrears were cleaved off lie would bo able io reduce tbo rate of iuterst, and that bo would be able to keep the State Advances Department in funds. It would be recognised generally that the arrears, including tho £250,000 already authorised by the board this week, made the total amount required in tho vicinity of £3,400,000, and tho main duty which lie felt was imposed upon him at present was to supply those who were in urgent need o" it with tho amounts they required after tho valuations had been received.-