REDUCTION OF INTEREST
SOLDIER SETTLER ADVANCES. ANNOUNCEMENT BY MINISTER. By Telegraph—Press Association. Wellington, Last Night 'the Hon. E. A. Ransom told the House of Representatives to-day that the Government had decided that as from October 1 next to fix the rate of interest on current account advances made under the Discharged Soldiers’ Settlement Act, the Land Laws Amendment Act, 1929, and the Land LaWs Amendment Act, 1932, at 5 per cent. The amount of such advances was approximately £550,000 and the present rate of interest on that amount was 6 per cent—in a few cases 6J per cent.
The major portion of such advances was held by returned soldier settlers under the provisions of the Discharged Soldiers’ Settlement Act, and represented those advances which had been rearranged and which under the regulations carried interest at 6 per cent. It might be added that there were still a number of cases Where returned soldiers were holding current account mortgages at the ojd rate of 5 per cent., and this decision would bring all such accounts into line.
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Taranaki Daily News, 17 August 1934, Page 7
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176REDUCTION OF INTEREST Taranaki Daily News, 17 August 1934, Page 7
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