THE Temuka Leader. THURSDAY, JULY 27, 1899. CHEAP MONEY.

Temuka Leader, Issue 3471, 27 July 1899, Page 2

THE Temuka Leader. THURSDAY, JULY 27, 1899. CHEAP MONEY.

The bitterest political opponent of the present Government cannot deny that all their legislation has been successful beyond anticipation. The fact is no one attempts to deny it, as witnessed by the fact that the Opposition find it necessary to tell their constituents that if placed in power they will not repeal the legislation of the present Government. This is very complimentary to the Government; it is the greatest tribute that could he paid bo their earnestness, sagacity, care, and foresight. Most of their legislation has been what is called experimental. They had to build up anew, without having any previous attempt in the' same direction to guide them, and the fact that they achieved success under these circumstances, is absolute proof of their great constructive ability. It is very easy to tear down in the way many of their opponents do, but it is another matter to build up and to erect a fabric so substantial and solid as to command the admiration of all. This is what the present Government have done. They have built up so substantially and so strongly that their work is' now meeting with general approval. It does not matter where we turn, success meets us. There is the Land for Settlement Act, the success and the beneficial influences of which are undoubted, and there is the Advances to Settlers Act, the greatest success of all. The prophets of tho Opposition predicted disaster for this measure, and they have been decrying it ever since, but now the superintendent, Mr John McGowan, is able to place before Parliament such a report as ought to silence them. It was predictod for this that it would end in disaster, and land the Government in disgrace, but the results prove the very reverse. Some expense incurred in the beginning has been wiped off. The amount of money lent by the department up to the 31st of March last was £2,073,425, and yet there is scarcely one penny airears of interest, nor has there been a single bad debt made. One property at Waverly fell into tho hands of the department last year, but i t was easily disposed of to a settler who has erected a six-roomed heuse on it, and has already cleared 150 acres. It may be of interest to our readers to know the classes of security on which the money has been lent. The list is as follows: For releasing mortages... ... £l, 110,408 For releasing mortgages and for improvements £305,860 For releasing mortgages and for stock ... ... ... .£34,210 For releasing mortgages and for stock and implements ... £29,750 For purchasing other land ... .£88,782 For converting leaseholds into freeholds £241,447 For converting leaseholds into freeholds, and for buying stock and implements ... £50,706 For paying balance of purchase money, and for improvements ... ... ... £93,536 For improvements ... ... £555,009 For stock and implements ... £1(15,740 For other purposes not stated... £32,065 Thus it will be seen that almost all the money has been lent on land, and consequently the security must be good. Yet, notwithstanding these splendid results, the opponents of tho Government still persist in attacking the system, and they do not hesitate to predict disaster from lending money on leasehold. The leaseholders to whom Government lends money are their own tenants, and they only advance to them two-thirds of the value of the improvements made by them on the land. That is a solid security, and the Government are quite justified in advancing such loans. Tho Government promise an amendment of the Act in the direction of reducing the rate of interest to 4J per cent to those who pay promptly, and as all have so far paid promptly it means that all will benefit by tho charge. There can be no doubt that this will still further reduce the price of money, so that the general public will benefit by it. It is also proposed to enlarge the scope of the Act, so as to enable advances to be made on town properties, and this too must have a beneficial effect. We have, as is well known, supported cheap money for the last seventeen or eighteen years ; we have defended the Government all along ia respect of the advances to settlers, and it is to us extremely gratifying now to find it such a pronounced success.