NO MONEY

Rotorua Morning Post, Volume 1, Issue 56, 28 October 1931, Page 3

NO MONEY

("Post" Special Commissioner)

STATE ADVANCES OFFICE UNABLE TO MAKE LOANS EFFORTS TO HELPJMORTGAGORS

WELLINGTON, Tuesday. The financial cupboard of the State Advances Department is bare and only in exceptional circumstances can applications for loans for new houses be approved according to a statement made in the House of Representatives to-day by the Hon. W. Downie Stewart, Minister in charge of the State Advances Office. Answering numerous questions during the consideration of the estimates, the Minister said he had1 received a very full report from the Superintendent of the office showing how the Department was endeavouring to help both primary producer and worker mortgagors to overeome their diffieulties. Extensions of time were granted where this was warranted by the circumstances and where the explanations were not satisfactory special investigations were made. In some eases where mortgagors had a substantial equity in their own property, the Department granted an extension of the loan covering arrears. spread over. a period of as long as 30 years without any incease in the amount of the instalment. The policy of the Department was to go to any lengths to prevent its properties from becom-ing or remaining vacant. The greatest difficulty in that respect had been experienced in Auckland, but within a very small margin those places were being occupied on the same terms and for the same length of time. It was in the interests of the Department that its properties should be kept in occupation at all costs. Co'ncerning fresh loans for homes, the Minister said that if there were no .money available, it was better that the public should know of it, so that the expense of having valuations made could be avoided. PERSONAL. Mr. B. A. F. Page, of Wellington, is staying at the Grand' Hotel. Mrs. A. G. Hewitt, Mr. and Mrs. S. Bell-Booth, Mr. H. Watts, and Mr. W. Wiseman, of Auckland, are at Brents Bathgate House. ' Mr. S. Randall, Mr. H. W. Prosser and Mr. Q. R. Tilly, of Auckland, are , staying at Brents Bathgate House. Mr. L. H. Labone, of Wellington, Mr. J. H. Clarkin, of Hamilton, and Mr. L. W. Flynn, of Auckland, are among those at Brents Bathgate House.