GOVERNMENT ADVANCES.
TERMS OF REPAYMENT.
[BX TELEGRAPH. —SPECIAL CORRESPONDENT.]
Wellington, Tuesday. An* important amendment to the New Zealand State-guaranteed Advances Bill was inade by the House of Representatives in committee to-night. Clause 11 of the amending Bill set out that advances to settlers should bo for 20, 30, or 36£ years, according to the amount of the loan, and clause 12 that advances to workers should bo for terms of 20 or 30 years. The periods of repayment were criticised by several members, notably by Messrs. Poland, Ross and V. H. Reed, who pointed out several anomalies.
When this criticism had been sustained for some time the Prime Minister said he would provide three classifications in respect to advances both to workers and settlers. He would propose that in the case of a first-class security the term should be 36j years, for a second-class security 30 years, and lor a third-class security 20 years. The object was to provide a scheme under which the Department might lend to small settlers. (Hear, hear.)
It was agreed that clauses 11 and 12 should be deleted and a new clause in the form indicated by the Prime Minister was added to the Bill, .
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Bibliographic details
New Zealand Herald, Volume XLVII, Issue 14486, 28 September 1910, Page 8
Word Count
200GOVERNMENT ADVANCES. New Zealand Herald, Volume XLVII, Issue 14486, 28 September 1910, Page 8
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