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EARTHQUAKE LOANS. (By Telegraph.—Press Association.) WELLINGTON, Tuesday. In an interview the Minister of Finance, the Hon. W. Nash, stated that an Order-in under the Hawke's Bav Earthquake Act had been issued on August •' 18 and would be gazetted. It referred to the Government's decision to make all loans under the Act to private mortgagors free of interest for the remaining period of the currency of these loans. The remission of interest on earthquake loans will involve a saving to borrowers of £21,000 annually, according to a statement made some time ago by the Hon. W. E. Barnard, M.P. for Napier. The amount affected, he said, would be something like £600,000. The original amount lent for private rehabilitation purposes was about £700,000. The rate of interest was then 4} per cent, but was reduced in 1935 to 3$ per cent. The concession to the whole district between Wairoa and Waipukurau, therefore, would be approximately £21,000.
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Auckland Star, Volume LXVIII, Issue 201, 25 August 1937, Page 13
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157FREE OF INTEREST. Auckland Star, Volume LXVIII, Issue 201, 25 August 1937, Page 13
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