STATE ADVANCES.

Press, Volume LIX, Issue 17807, 5 July 1923, Page 8

STATE ADVANCES.

GOVERNMENT'S NEW MEASURE.

so "IEB fBESS. ') WELLINGTON, July 1

The BiU to amend tho State 'Advances Act, 1913, was introduced; iu the House of Representatives to-ni,£ht. Section 2 amends section 33 of the Act, and provides for the maximum advance to be £BSOO, as compared with £2OOO under the Act,

In c&nexion with the margin of security in advances to settlers," the limit is raised from three-fifths to threo-fourths of the value of the security of freehold lands, or three-fourths or the less«o's interest in the case ol leasehold. ■ v , , The terni3 of loans under the settlors and workers' provisions of the. 1913 Act shall be twenty, thirty, or and a 'half years, according as the security is first, second, or tmrd class. The limit "of income of a person desiring to receive a loan for worltors advance is feed as £3OO per annum, provided that for each child or dependant an extra £35 is added to the limit. The limit of advance for workers under the Act was £750, or not itiore than three-fourths of the value oi: security in freehold or leasehold interest. This limit is now raised to 95 per ojnt., with a maximum of £1250. The provision in regard to prowess payments which was previously at discretion, is now vested in the aoncis ox the superintendent. On the certiacate of tho Vftluer-Wi-eral anv person who has purchased a dwelling under the Workers' DjraltoiS Act, 1910, or the Housing Act (Fait I), 1919, may surrender his rights uader the agreement, and accept a loan under the new legislation. In sraeb case the previous restrictions shall on the cancellation of the agreenient, the land shall bo transferred, to thfl purchaser in fee simple, BUbjfict to The fiuoerintendent is vested with the eamo'powers as he possessed unjiex the Act, including disposal ot Vromrty. The new law it is proposed shall itflsna into force on October 31st next.