ADVANCES TO FARMERS

Bay of Plenty Beacon, Volume 2, Issue 129, 28 February 1940, Page 5

ADVANCES TO FARMERS

RURAL HOUSES ACT

SCHEME ADOPTED BY COUNTY

COUNCIL

A scheme whereby money .was lent to the County Council by the State Advances Corporation for advance to farmers requiring assistance in the erection of houses, either for themselves or. for married couples, was adopted by the County Council at the meeting yesterday. Cr McCracken said the main point was the Corporation had money' available for farmers' houses. it was to be lent to the Council at 3 per cent, interest and advanced to farmers at ?> I 'z per cent. It was prob lematieal whether the difference would cover expenses. It was to be understood that the Council would lend only on first mortgage. Cr Cawte thought it an advantage to the farming community and the Council should support it. It was questionable whether the farmer most in need of assistance would receive it; under the scheme, said Cr Smith. It Avoukl suit the man who was only lightly burdened but those over-loaded could not benefit. Cr McCracken was of the opinion that if the Council adopted the scheme it should sec that the ratepayers were protected. It was moved that the Council adopts the making of advances under the Rural Houses Act, 193!), and that the Finance Committee furnish working details.