Ceylon’s Fund For Relief Of Debt

Press, Volume CV, Issue 31028, 6 April 1966, Page 6

Ceylon’s Fund For Relief Of Debt

(N.Z.P.A.-Reuter)

COLOMBO. The name of Lady Jane Lochore, who died in Scotland last September, is known to millions in Ceylon—especially those who have incurred debts.

About 40 years ago. Lady Jane Lochore wife of the British tea and shipping merchant, Sir James Lochore, gave a small part of her wealth to a Ceylonese Methodist minister for the creation of a debt-relieving fund.

The contribution swelled through the years to a current total of about £1,125,000. Known as the Lady Lochore Fund, it is housed in a large four-storyed building in the heart of Colombo.

On every working day of the year, crowds are seen outside the building, and 99 out of 100 are waiting for a loan More than 100 people send applications every day. The fund operates 48,000 accounts and lends £15,000 every month. The calls on the fund have been so heavy that at present there is a backlog of 15.000 applications and the fund has stopped receiving further applications for some time.

The Lady Lochore Fund is primarily for the use of Government employees who have more than five years’ service, but employees of the private sector are also eligible for loans where their employers underwrite the loans.

The fund has been so helpful that in 1951 it was incorporated by an Act of Parliament. The State now helps the fund to extend its usefulness.

1 The present operators of the fund are looking beyond the original aims of the founders. They are not only trying to help people overcome economic crises, but helping them to avoid coming to the brink. It has been found that large families have often been the cause of financial distress. Some take these loans merely because they are available. The officials advise the applicants on ways and means of avoiding financial difficulties. They try to find aubsidi-

ary employment for other members of their families, which will help them from falling into debt again. They have helped them to start poultry farms and vegetable gardens which will put a few more rupees into the family purse. The Lady Lochore Fund will continue to help Ceylonese for many years. The thoughtful gesture of a foreigner at a time when Ceylon was still a British colony will be gratefully remembered by the Ceylonese.