£169,175 IN HAND

Sun (Auckland), Volume III, Issue 753, 28 August 1929, Page 10

£169,175 IN HAND

NATIONAL WAR FUNDS COUNCIL NO BUSINESS LOANS Press Association WELLINGTON, Tuesday. l | The annual report of the National l ! i War Funds Council shows that there is j • j £369.175 in hand. 5 “In common with patriotic societies t ! many applications have been received ; ' ; tor loans, including: advances for busi- \ • ness purposes, and all the suggested - projects are closely investigated,” ■ 1 : states the report. It is the experience x , of the executive that the business ven- i l lures proposed are not sound commer- ; cially, that as a rule the applicant has ; little capital of his own. and therefore | j is not in a position to meet even a teml I porary adversity. Competition in the C j retail trade is severe, and for one to . j embark in business with lack of ready 1 ; capital and often little experience in 1 ■ commercial life is unwise. Applicants i are inclined to be too optimistic, and in- , I stances are known of applicants havi ing succeeded in obtaining the capita! | required when declined by the council, t having filed within a short period. •‘As the result of the council’s exj perience in this direction, the estab- [ lishment of businesses is not upheld 1 assistance is not accorded unless , the circumstances are exceptional.” j Tho total net sum expended in relief , and assistance amounted to £9.396, including £5,020 for unemployed.