EARTHQUAKE RELIEF

Taranaki Daily News, 4 September 1935, Page 5

EARTHQUAKE RELIEF

CONDITIONS OF THE LOANS. MINISTER ANSWERS QUESTION, « By Telegraph—Press Association. Wellington, Last Night. Mr. W. E. Barnard (Lab., Napier) last week asked a question relating to relief for Hawkes Bay earthquake mortgagors. Mr. J. G. Coates asked that the question be held over. He answered it tonight. - Mr. Coates said the Government, had been giving the matter much consideration for some time and as a result the cabinet had come to the following decision:— All loans granted under the Hawkes Bay Earthquake Act are to be free of interest for a period of three years from September, 1935, but instalments at present payable are to be continued, and these amounts when paid will be credited J reduction of principal outstanding under the respective loans. There is one reservation, that the first payments under the altered 'terms are to be applied to wipe out interest accrued up to August 31 last, but this does not affect the major item, that no, interest will be accruing as from September. It is recognised that even the relief now granted may not be sufficient to enable some persons to carry on, in that the instalments at present payable are too heavy, and in these cases the Government is prepared to consider these cases individually, and where necessary to reduce the amounts payable.