CHEAP MONEY.

New Zealand Mail, Issue 1198, 15 February 1895, Page 17

CHEAP MONEY.

■ SIB OEOBOE OBEY, AND THE LAND OWNEBB ! CHARLES i'HABAZYN, AND THE MONEY LENDEBB AND MEBOHANTH. TO THE EDITOB. Sib, —A letter which appeared in your columns some time ago from the able pen of Charles Pharazyn is exceedingly suggestive if carefully road. Things have changed from the period when ho wrote, and changes are still going on. What I want to point out is this, and I must make a short quotation and will then conclude. Here is the quotation—“ So far from tho then occupiers of land desiring legislation, under which they could buy it cheaply, I have the most distinct recollection that when Wairarapa was first purchased from the Natives the wish of those in occupation of runs was not to be obliged to purchase the freehold, as the only way in which they could obtain money for the purpose was by advances from merchants at rates of interest and conditions attached, which meant a cost of from 12£ per cent, to as much as 20 per cent, per annum. What they asked was that 21 years’ leases should be granted to them at moderate rentals, their argument being that this would be far best for all parties, as they would escape the enormous interest charges referred to, and the land would be available for purchase Bt the end of the term, v hen it would pro-

bably be wanted for settlement in smaller holdings.” What an eloquent and convincing advocacy in positive proof of the utility of the Government Advances to Settlers Act, 1894, or if this Act is thought to be too advanced—well, Charles Pharazyn is still an eloquent advocate. The title to this letter was suggested to me by Mr Pharazyn’s letter. My contribution is in the nature of a hurrygraph. Mr Pharazyn’s letter and my scrap will afford food for reflection.—l am, &c., New Zealander..