PROFITABLE BUSINESS

Sun (Auckland), Volume II, Issue 498, 30 October 1928, Page 13

PROFITABLE BUSINESS

ADVANCES TO SETTLERS Coninuing his campaign at the corner of Hackett Stdeet and fet. Mary’s Road last evening, Mr. M. J. Savage, the official Labour candidate for Auckland West, paid special attention to the State Advances Office and kindred State institutions. Mr. Savage quoted from the last report of the State Advances Office, which showed that the net profits of the settlers’ branch amounted to approximately £49,000. while expenses of management worked out at 3s 4d a £IOO of the capital invested. Since its inception in 1894. this branch had advanced £34,000,000 in round figures, and during that period the total losses amounted to only 5s 3d in every £ 100 of the total sum advanced. As a business institution the office left very little to be desired, but an unsympathetic Government had neglected to keep the office supplied with funds.

Mr. Savage further declared that there was a movement on foot to curtail the activities of the Public Trust as a lending institution, with which the State Insurance Offices had already given fine service of a financial nature. If returned with a majority it would be the duty of a Labour Government to extend the activities of State lending institutions, with the object of reducing interest rates; thus relieving the burden upon industry. A motion of thanks and confidence in Mr. Savage was carried with eni thusiasm.