PERSONAL ITEMS

New Zealand Herald, Volume 80, Issue 24636, 15 July 1943, Page 4

PERSONAL ITEMS

Mr. W. A. Phillips travelled south last night. Captain M. J. Bulger, of the United States War Shipping Administration, arrived from Wellington yesterday. The Hon. E. T. Tirikatene, member of the Executive Council representing the native race, left last night for Wellington. SOLDIER SETTLERS VALUES AND CHARGES THE NEED FOR CAUTION (0.C.) WELLINGTON, Wednesday One of the major problems in subdividing land for rehabilitation purposes was that of providing farms at values offering 1 reasonable prospects of being farmed successfully, stat.ed the president, Mr. W. W. Mulhoiland, at the Dominion conference of the NewZealand Farmers' Union. If this was not faced at the beginning, severe revaluations and reductions in rentals or interest charges in a few years would be inevitable. While a generous system of finance should be provided for individuals requiring land, independent of Government settlement schemes, no assistance should be given unless a proper authority was satisfied that the price of the land was within its productive value. Stating that unlimited mortgages became a powerful influence in inflating land values, Mr. Mulhoiland suggested a method of limiting the amount of mortgage that could be registered, using as a basis the productive value of the land. Referring to the financing of ex-ser-vicemen farmers, Mr. Mulhoiland said' it seemed to be envisaged that a good many settlers Would be financed up to I 100 per cent of the capital outlay. He I suggested that when the indebtedness j was a high percentage of the capital J investment the basis for the first 10 tears at least should be one of shared ! risk between settler and financier, whether the financier was the State or a private individual. Provision should be made for a reserve account to be built up in good, years, out of which interest could be made up in bad years.. In good years, when the returns' were more than enough to meet working expenses and interest and a living wage for the I farmer, half the excess should go to the x-eserve account and the balance to the farmer for reduction of the mortgage or development of the farm. At the end of the period of 10 years, if conditions warranted it, a regular longterm loan should be granted.