SOLDIER LOANS.

Kaikoura Star, Volume LXIV, Issue 57, 24 July 1944, Page 4

SOLDIER LOANS.

UP TO £5OO FOB HOMES IN UNITED STATES. WASHINGTON, May 24. A Senate-House Committee cleared the first barrier yesterday on the way to a compromise on a broad programme of veterans’ benefits by agreeing that the Government should lend to servicemen up to 2500 dollars to build homes, or purchase farms or businesses. The Veterans’ Administration would handle the loans, utilising Government lending agencies, and veterans would pay no more than 3 per cent, interest. The “G. 1. Bill of Rights” passed originally by the Senate called for Government loans at 3 per cent, interest up to 1000 dollars. The House voted to guarantee 50 per cent, of private loans, up to a maximum guarantee of 2500 dollars at 6 per cent, interest. Senator Scott W. Lucas (Democrat), of Illinois, said the Senate opposed the House provisions on grounds they set up a “paradise for loan sharks” and would encourage irresponsible lending agencies to meet every boat load of returning soldiers. The conferees reported no agreement had been reached on provisions for continuing the education of men in service or on unemployment compensation features of the legislation. The Senate approved a year’s unemployment compensation, while the House accepted 26 weeks as the maxinramj. There was some talk of compromising on 40.