HOUSING LOANS.

Taranaki Daily News, 26 February 1920, Page 7

HOUSING LOANS.

TARANAKI GRANTS. APPLICATIONS FROM LOCAL BODIES. The Prima Minister furnished the following statement with regard to the applications received from local bodies throughout the Dominions for loans for housing purposes under the Act passed last session:— Authority applying Applied Enterfor loan. for. tained. '£ £ Palmerston North 10,000 10,000 Wondville 400 400 Manaia 10,000 10,000 Eltham 10,000 10,000 Manawatu 2,000 2,000 Kiwitca 7,500 7,500 Hawera 10,000 10,000 Kaponga 10,000 10,000 Whangarei 10,000 10,000 H»tt 3,000 3,000 Rangitikci ..... 2,500 2,500 Waipukurau K ......... 10,000 (Inabevm ance.) Taumarunili 8,000 Mart on 3.600 £Oj,OOO £ 7a,400 In addition to the above inquiriei? have been received from the following:— Amount Local authority. required. £ Cliristcliurcii 200,000 Auckland i') 0,000 Wellington 10,000 Te Awamutu 10,000 New Plymouth 10,000 Morrinsville lo!ooo Franklin 10,000 Egmont r >t ono Waipara ~ 3,000 Kawhia .............. i^flo j Oliura w.-. 700 '€ 310,300 amount applied foi £93,000 Total £405,300 In addition to the figures contained in the above table, Mr. Massey pointed out that the State Advances Department j, paying out of Advances to hettlers' nur! \dvances to Workers' Accounts, an amount approximating one million per annum in providing homes for the people. This amount represented advances for building houses, for buying houses, and for assisting m the repayment of mortgages on houses.

It will be necessary, he added, for local bodies to limit their expenditure on this account to moderate amounts otherwise difficulty will be experienced m borrowing larger sums. As long as the amounts applied for are moderate, advances can be managed by the Government. If, however, large sums are required, it will be necessary for the Rovernment to go outside the Dominion, and the Home market is practically closed to us, except at high rates of interest. It will cost the Government fully 6 per cent, to borrow in London at present, and payments for P". wks. Native land settlement, railway improvement?, war expenses, gratuities to soldiers, and various other accounts are being provided for out of loans raised within the Dominion; hence the necessity for care and economy on the part of local bodies in taking advantage of the legislation of last session.