CHEAP MONEY WANTED.
‘ It is high time New South Wales followed the example of Victoria with regard to cheap money legislation,’ writes a Rew South Wales provincial journal, which describes the fleecing process to which settlers are subjected. ‘An agent who undertook to negotiate a loan,’ it reports, ‘ brought borrower and lender together. The usual process of mortgage was gone through, and when the selector had a ‘ statement of accounts ’ given to him he found that he had not the handling of a. single shilling. The cost of the mortgage, the interest deducted in advance, and the agent’s charges swallowed up every penny agreed to be advanced to the unfortunate borrower. He had mortgaged his land, lost valuable time over the business, and was financially in a far worse position than when he started to borrow.’
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Bibliographic details
Southern Cross, Volume 8, Issue 31, 24 November 1900, Page 6
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136CHEAP MONEY WANTED. Southern Cross, Volume 8, Issue 31, 24 November 1900, Page 6
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