STATE ADVANCES LOANS.
A POINT CLEARED CP. A correspondent ' from Haweria writes to the Dominion inquiring why the State Advances/ Department declines to receive .any application for loan on mortgage to repay any existing mortgage to a Government department. “The. case ijn point,” adds the correspondent, “is a, refusal by the department to entertain an application for a loan to repay a Government Life Insurance Department’s farm mortgage, which is running overdue at 6% per cent. The security is ample and the' .application regular and in order.”
The department’s reply is) as fol-’ lows: “It is hot possible, owing to the demands made on its resources, for the State Advances Department to entertain applications for loans in cases, where the money is required for the purpose of repaying mortgages held by other Government departments. It is obvious to anyone acquainted with the position that it is neither advisable nor expedient for the Advances Department to provide funds sufficient to enable it toT repay loans held by other Government lending departments. The Advances funds are fully required to assist applicants to redeem loans obtained from private sources.” -
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https://paperspast.natlib.govt.nz/newspapers/HPGAZ19260205.2.22
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Hauraki Plains Gazette, Volume XXXVII, Issue 4935, 5 February 1926, Page 3
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186STATE ADVANCES LOANS. Hauraki Plains Gazette, Volume XXXVII, Issue 4935, 5 February 1926, Page 3
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