GOVERNMENT ADVANCES TO SETTLERS.
This department has done splendid work for the colony. — (Applause.) You will remember how strongly it was opposed when if; was introduced. Well, up to the 31st March last there were 15,439 advances authorised amounting to £5.042.555. Classified to provincial districts the advances are : —
The applicants from Otago received* £537,185, and the applicants from Southland received £550,000; 63 per cent, of the whole of the amount applied for in the colony was for the purpose of paying off existing mortgages at rates of interest higher than 5 per cent. Arrangements have been made whereby the whole cost of mortgagees' accident indemnity insurance in respect of its mortgages will in future be borne by the Advances to Settlers Office, and mortgagees will not be called upon to pay premiums thereon falling due after 31st March last.— (Applause.) Southland has paid in interest and sinking fund since the inauguration of the system about £26,000 per annum, a total in round figures of £185,000, so from this you can judge of its usefulness and value to yourselves, and wherever it has been applied it has been equally valuable to those using it. No one can estimate the value it has been to the colony. It came into operation at a time when things were very bad, when interest ruled high, and when many sterling settlors were experiencing the greatest difficulty in securing their finance. — (Applause.)
Number of Loans Applications. Authorised. Auckland .j .. >. 3,219 « £ 926,383 raranaki -.\- .. 2.219 868,449 Hawke's Bay .. 942 /* 262,575 Wellington 3,981 1,277,545 Marlborough », era 511 ... 184,065 Nelson '.t SlO -. 59 045 Westland ...«.-* 214 .. 48,640 Canterbury 1,210 .. 328,670 Otago and Southland 2,933 .. 1,087,135 15,439 - i£5,042,555
GOVERNMENT ADVANCES TO SETTLERS.
Otago Witness, Issue 2675, 21 June 1905, Page 37
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