SOLDIERS ON THE LAND
CURRENT ACCOUNT INTEREST
That returned soldiers arc being charged 6 per cent, interest on their current accounts, an increase of 1 per cent., was the point of a question asked by Mr. D. Jones (Mid Canterbury) of the Minister of Lands (the Hon. G. W. Forbes) in the House of Representatives yesterday. He wished to know the reason for this.
The Minister explained that advances on current account were formerly 5 per ■cent, for a term and when the terms expired regulations were adopted providing that portion of the advance where possible would be secured by permanent mortgage on the land at the rate of five per cent., while the balance was secured by bill of sale at the rate of six per cent., this extra amount being charged for. one reason because of the considerable amount of supervision required over the securities, which, consisted of stock, chattels, etc. This change, he said, had been made by his predecessor, but the matter had been brought under his notice by several deputations of returned soldiers, and it was now under the consideration of Cabinet.
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https://paperspast.natlib.govt.nz/newspapers/EP19290629.2.33
Bibliographic details
Evening Post, Volume CVII, Issue 150, 29 June 1929, Page 7
Word Count
187SOLDIERS ON THE LAND Evening Post, Volume CVII, Issue 150, 29 June 1929, Page 7
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