SOLDIERS’ SETTLEMENT ACT

Otago Witness, Issue 3524, 27 September 1921, Page 10

SOLDIERS’ SETTLEMENT ACT

IMPORTANT AMENDMENT. Y\ EDDINGTON, September 22. An 1 important amendment to the Discharged Soldiers’ Settlement Act relating to the maximum amount that may bo advanced to soldier settlers by way of loan has boon gazetted. The new regulation provides that in cases in which the Minister is of opinion that owing to special circumstances arising from' general financial stringency the maximum amount of £750 or ox £ 1 250 is inadequate for profitable working of the applicant’s land or for discharge of his financial obligations, he may authorise such additional advance as lie may deem adequate. A provision of this concession will be that before an additional advance is maae ar_ amount not exceeding 75 per cent, of the value of the improvements effected by the mortgagor, or not exceeding £250, whichever is the lesser amount, shall be discharged from the current account mortgage against the credit that may be so established. The Minister may authorise readvances for clearing, fencing, draining, or general improvements to land, or for the purchase of implements, stock, seeds, plants, and such other things as may be deemed necessary for the succesful occupation of land. Readvances may also be made up to an amount equal to 75 per cent, of the value of the equity deemed to be established by a discharged soldier in land leased or owned by him' in excess of his liabilities. In addition advances will be authorised to the mortgagor on security, estimated on the natural "increase in stock owned by him up to £250.