Speeding Up Loans

Sun (Auckland), Volume II, Issue 542, 20 December 1928, Page 1

Speeding Up Loans

Prime Minister Talks Millions For Settlers and Workers Press Association WELLINGTON, To-day. THE Prime Minister, Sir Joseph Ward, stated to-day that he had expedited the work of lending moneys by the State Advances Department, both for settlers and for workers, and that 350 applications for loans, which had been standing over for a considerable period had been passed for prompt payment by the board, at its meeting - this week.

Tlie amount authorised hy the board exceeded £250,000. The whole of the applications dealt with were those for which valuations had been received by the board. He had also given instructions that additional valuers were to be put on to ensure as prompt returns as possible in applications that had been in the hands of the board for as long as two years, amounting to over £3,000 ; 000.

He had already arranged for £2,000,000 of fresh money at a satisfactory rate, and had given instructions that all applications for the £3,000,000 applied for were to he dealt with as promptly as possible. Valuations for each of them had to he

obtained, as they had not yet been sent in by the applicants. He had every hope that by the time the present arrears were cleared off, he would be able to reduce the rate of interest, and that he would be able to keep the State Advances Department in funds. He thought that it would he recognised that the arrears, including the £250,000 already authorised by the board this week, made the total amount required in the vicinity of £3,400,000, and the main duty, which he felt was imposed upon him at present, tvas to supply those who were in urgent need of it with the amounts they required, after the valuations had been received by the State Advances Department.