THE NEW SETTLEMENT SCHEME.

Auckland Star, Volume XLII, Issue 153, 29 June 1911, Page 4

THE NEW SETTLEMENT SCHEME.

Apparently the Land Settlement Finance Act is proving successful even beyond the anticipations of its promoters. This measure,-which first appeared before Parliament two years ago, is intended to encourage settlement by enabling a nuni- : bcr of would-be purchasers to form a group-or association, to?.raise the purchase money on loan guaranteed by the Government, and to- subdivide among thenjselves the area -they have bought. •Any five or more persons may form an .."inaorporated. land -settlement association," subject to- the usual qualifications and restrictions, for Crown tenants, and they may purchase any area of not less than __50 acres. The Board of Land Pur • chase Commissioners must sanction the : scheme-; and when the requisite Order-in-Council has been issued, the association, acting through the' '■ Public Trustee, can raise the.purchase.money by issuing .debentures backed by the State. We need not go further into the details of . the Act,, though we hope that this brief •notice may serve to attract to it the .public attention that it certainly deserves. We may be content to quote in its favour the eulogy pronounced upon it hy.a strong Opposition journal,, which 'described it, as. "thoughtfully devised, ingeniously framed, and a. really practical attempt to solve the problem of providing land for closer settlement with. out either despoiling or tyrannising over the existing land owner or unduly, inflating the Dominion's debt." Of course, •the State's interest is secured by mortgage from each of tbe purchasers, and -so far the scheme seems to have worked excellently. It is noteworthy that a larger area-has been acquired for settlement under' the new Act in Auckland than in any other district, and there can bel no' dtiiibt that, judiciously applied, this expedient will prove of substantial .assistance in promoting settlement to the satisfaction of all parties concerned.