FINANCES

Nelson Evening Mail, Volume LXIII, 24 July 1929, Page 9

FINANCES

LONDON MONEY MARKET RBFKHRNCK BY PRIME MINISTER (By Telegraph) (From 'The ' Mail's" Padkinanlary Reporter) WELLINGTON, 23i\| July. .Sir .Joseph \Vnril sprang a surprise in lln- Huns,' of Representatives to-night l>y announcing thai when In. 1 I'liiui' into cilice lie linil discovered that liis jm-.tf eessor tis Minister of Finance had entered into an arrangement not tu go on to I hi' London money market for a period of two veins. Sir Joseph said Ilia! with regard to Hie criticism over the £70,000,000 loan the (igures showing llie expenditure rvri Public Works (railway const rite! ion, hydro electric Works, swamp drainage), and other capital accounts for six months from Ist* January to 30th June, 1929. compared with the corresponding six months of 1928, were as follows: Public Works. 1929. £4.318,645; 1928, .C 4.032.670. When the Reform Goveinment went out of tidied it had.j'4so. 000 at the credit oF llie Stale Advances Department. There was also an accumulation of applications covering a period ■«!' three years of about £3.000,000. The number of applications for Stale Advances as at 10th December, 1928, the day when the Government came into office, was as follows: Settlers 998, £1.202.760; workers. 2973. £2.965.510; total 3971, £4.168,270. Loans authorised for the period 10th December. 1928, to 15th .Julv, 1929, were: Settlers 1972, £2,234,520': workers 2f.04. £2,263,610; totals 4576, £4,498,130. Loans paid over for the period 10th December to 15th Julv were: Settlers 1286. £1,615.525; workers 1598. £1.420.237: total 2884. £3.035.762. The amount added to (he Slate Advances by way of capital since 10th December last was £3,551,610, and the funds in band available for investment as at 15th July, stood at £1.979.910. The Prime Minister .said that the Goveinment bad provided over £2.000.000 for rural advances. The figures he had quoted clearly showed that .the election pledges had been fulfilled.