SOLDIER SETTLEMENT

Hawke's Bay Tribune, Volume XVIII, Issue 202, 9 August 1928, Page 9

SOLDIER SETTLEMENT

“BEST YEAR TO DATE.’’ MEN ON SOUNDER FOOTING. The extent to which the Government has assisted soldier settlers under the Discharged Soldiers’ Settle ment Scheme is reviewed by the Minister of Finance in the Budget. “Large numbers of revaluations and writings-off of accumulated revenue debts to the Crown have been made in the last few years in connection with the discharged soldiers’ set tlement scheme.” said the Minister. "The writing-down of capital to its economic price level and the wiping off of arrears of interest has establish ed the settlers on a sounder footing, and in most cases they are now in a position to make some headway. “Last year most of the settlers were able to meet their obligations and from the financial point of view the year was the best one to date.

“The extensive capital reductions and the remission of arrears of interest. etc., granted to settlers had of neces'sity to be written off in the various public accounts concerned. Power to make the necessary adjustment of accounts was contained in section 22 of the Finance Act, 1927 (No. 2). Revolution Board reductions amount ed in the aggregate to £3.424,581. while accumulated revenue losses and other items to be written off brought the total up to £5,164,636. These losso have been written off ns far as possible against revenue items. "In particular, liabilities to the Consolidated Fund for interest, etc., to the amount of £1,886.756 were cam celled £1,600.000 was written off the £l3 500,000 advance from the Come lida’ted Fund now forming part of the Public Debt Redemption Fund. Tn addition, the Land for Settlements Discharged Soldiers’ Settlement Account was relieved from payment of interest on £1,011,000 of loan capital, while the balance of £666.880 was written off against reserves. With the exception of the last-mentioned item the losses have thus been borne by the Consolidated Fund.”