STATE ADVANCES.
POSITION TO DATE, The review of the operations of the State Advances Office is contained in the Budget. New loans granted during the year amounted to £3,'665,175, and the amount paid over in respect of these and other loans previously granted totalled £6,185,970. Since the inception of the Department £57,159,209 has been advanced to borrowers, £22,324,608 of which has been repaid, leaving a balance of £34,934,601 outstanding at the close of the last financial year.
During the four years ended 31st March, 1927, the total advances paid over by the Department amounted to £23,899,939. The loans were fairly evenly divided between town and country, advances on urban and suburban securities amounting to £12,092,502, and on rural securities to £11,803,437. These advances include £10,621,491 for erection and purchase of houses, of which £7,961,698 were advanced to -workers, and £197,245 advanced to local authorities for erection of workers’ dwellings. “This,” says the Minister of Finance (the Hon. W. Downie Stewart), “indicates the extent of the State’s assistance towards overcoming the housing shortage.”
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Manawatu Herald, Volume XLVIII, Issue 3674, 4 August 1927, Page 3
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172STATE ADVANCES. Manawatu Herald, Volume XLVIII, Issue 3674, 4 August 1927, Page 3
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