MR MASSEY’S CONTENTION

Hokitika Guardian, 10 June 1924, Page 2

MR MASSEY’S CONTENTION

STATE ADVANCES TOO LIBERAL. I>v iKi.coiMprr—mat mti:ss association.] -AI'CKLANB. .1 une Id. I la* Rt. I bn. W. K. Massey speaking at a banquet to the Hon. Mr Pair (-dinister of Education) said that the State Advances Department was a little too enthusiastic in its lending while lie was iiiviiv in l.oiidon. He found on returning that we wore faced with tremendous liabilities and it had been necessary to limit loans to £l.'.O.ddd a month or three millions a year. That f't- cl lending could he kept going. Speaking of the clamour for a State Hank, the Premier said that we practically had such an institution in the Bank of New Zealand. The Goverumefit had recently purchased G70.0G0 £1 slimes at par and these were now quoted on the exchange at .*>2s fid. representing £SOO/10.') to CGOO.OOd to the good on the deal. Mr Massey said the moratorium ends on December . - il-t. lie was going to j ask Parliament to amend the law so ; that a borrower might go to the Su- | prime Court, state his ease and ask the ' Judge to look into it-. If the Judge I thought the mortgagor had a chance to ! recover he would make arrangements j for carrying on the mortgage for two i years; Inu nut longer. He could not! believe tluit there was going to lie | the trouble some people talked about. The security of broad re-res was ;e- good as ever it was. He knew that mistakes were made during the Ikioiii period, hut as the IHI -J legislation enables a mortgager to apply for exemption. so lie proposed that the legislation should by just turned round the other way.