GETTING ON THE LAND.

Nelson Evening Mail, Volume XLII, Issue XLII, 16 September 1908, Page 4

GETTING ON THE LAND.

LAND SETTLEMENT BILL. (From Our Special Correspondent.) WELLINGTON, Tuesday. The purpose of the Land Settlement Finance Bill, which was brought down in the House this afternoon, is to pronioto ciloser settlement of Land by enablinK grups of purchasers to buy est.itfl for sulxlivision among them and to raise purchase money by means of a loan guaranteed by the "Government. For this purpose any ten or more persons may form an" incorporated land settlement association and may purchast any estate consisting of more than 640 acres. The agreement of purchase must comprise a scheme for sub-division of the estate into allotments not loss than 50 acres in extent, and for ahocaUtm of each of those allotments to one of purchasers at a fixed price. Each purchaser Rives a mortgage to the assoriation to secure the purchase money of lus allotment, together with interest at such rate as is sufficient to meet interest on debentures and incidental expenses of the association. Purchase money of each allotment so secured by mortgage is payable by such instal. m?nt as the mortgagor chooses, not less than a specified amount in each ve.-ir. and the balance must be paid in 20 years.