ADVANCES TO FARMERS.

Timaru Herald, Volume LVII, Issue 6066, 27 September 1894, Page 4

ADVANCES TO FARMERS.

The Agricultural Bank Bill now bsfora the Assembly of Western Australia, provides, according to a summary whioh appears m the Auttralasian, that the Government shall establish and maintain a bank for promoting the occupation, cultivation, and improvement of the agricultural lands of the colony. Funds for that purpose shall ba obtained by the sale of mortgage bonds toned by the Colonial Treasurer for euros varying from ££5 to £1000 having a life of not more than 20 year#, and bearing interest at a rate not exoeeding 5 percent. The payment of interest and the repayment of the b>nds shall bo made ohargeable m the first instanoe on funds arising undei the Act ; and, secondly, on the revenues of the colony. The manager of the bank may, with the approval of the Governor, make advanoss to farmers and other oultiva. tors of the soil an the eeourity of their holdings m fee simple from the Orown, or Homestead lease under the Homesteads Act of 1893, for the purpose of making improvements oo unimproved holdings, or adding to improve ments already mads on holding*. No advance shall exceed ooe half of the fair estimated value of tbe proposad improvements, and the total amount of advances to any one person shall not exceed £300. The interest shall not exceed 6 per cent, and the advanoes shall ba secured by first mortgages. B^payment of tbe advances shall be made on tbe expiration of — years after the date of the ativanoe, the borrower paying at tvs rate of one thirtieth of tha principal sum h»lf yearly. The dtfioi tion of improvements is clearing, cultivating, draining, planting of vineyards or orohsrdr, ring-barking and fencing. Only Crown lands may .from the moneys available under the Act, be similarly improved, with the exception of planting.