STATE ADVANCES OFFICE.
PREMIER EXPLAINS. Replying to the debate on the Financial Statement, the Prime Minister explained that the temporary investments of the State Advances Office were made when, building was slack during the war period, to form a reserve when the rush for building came along. The system was commenced in Sir Joseph Ward’s time as Finance Minister (said Mr. Massey), followed up by Sir James Allen, and continued in his own time; and he thought it quite right and proper. Two millions in all had been accumulated, but when the demand for money for building came, he had to give instructions that the reserve should be allowed to go. It had been going at the rate of £70,000 a month, and now there was not much of it left.
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https://paperspast.natlib.govt.nz/newspapers/TDN19220905.2.63
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Taranaki Daily News, 5 September 1922, Page 5
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131STATE ADVANCES OFFICE. Taranaki Daily News, 5 September 1922, Page 5
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