STATE ADVANCES ACT.
EXPLANATION BY PREMIER
Replying in Parliament to a question given notice of by Mr E. A. Ransom (Pahiat.ua), the Prime Minister said that “Should occasion arise to give priority to those applications from farmers who desire to pay off existing mortgages as against farmers who require money for other purposes, the matter will receive consideration.
In answer to a question by Mr F. Langston (Waimarino), Mr Massey said: “Under the State Advances Amendment Act, 1923, the classification of securities has been abolished. Loans are now granted solely at the discretion of the board for terms not exceeding twenty, 30, and thirty-six and a-half years. It. is not. advisable to suspend altogether the twenty-year loan period, because the securities offered in every case are not deemed to be firstclass; further, applicants often request that loans be granted on the shortest term available. The rate of interest stated in the note —namely, 51 per cent. —applies only to advances made for the repayment of existing moi'tgages. To acquire a farm or erect a home the rate of interest payable is 4| per cent.”
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https://paperspast.natlib.govt.nz/newspapers/MH19230816.2.21
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Manawatu Herald, Volume XLV, Issue 2620, 16 August 1923, Page 3
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184STATE ADVANCES ACT. Manawatu Herald, Volume XLV, Issue 2620, 16 August 1923, Page 3
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