THE LENDING BOARD.

Timaru Herald, Volume LVIII, Issue 1663, 17 January 1895, Page 3

THE LENDING BOARD.

• • ■ — :_+ (By Telegraph.) WELLINGTON, January 16. The first meeting of the General Lending Board under the Government Advances to Settlers Act was Held today. Mr J. K. Warburton, superintendent under the Act, presided. Among those present was the Colonial Treasurer, while the only absent members were the Surveyor-General and Solici-tor-General. None of the applications for loans weve dealt with, the question under discussion being that of valuation. It was' agreed that on each application as it arises a valuation should be made by the superintendent, or on his behalf by a valuer of his nomination m terms of sub-section of clause 41. This is precisely on the same conditions under which valuations are regulated by the public trustee for loans under the Public Trusts Act. As regards the appointment of valuers for which provision is made under section 11, two appointments have been already made by the Governor-in-Council, viz., Mr Hugh Carswell, Otago, and Mr Wm. Duncan, Auckland, and their appointment is to date from January Ist. Mr T. K. McDonald's, for Wellington, will shortly be gazetted, but the selection for Ohristchuroh is not yet made though it it is not unlikely that Mr J. W. A. Marchant, Commissioner of Crown Lands, will act m the meantime. These four are practically supervisory valuers, though it is not necessary that the

superintendent should accept thei figures, as the Act gives him th sole selection of valuers respecting ad vances, and he may if he choose ; select any one of the capable valuers ; of whom he has an extensive list, t [ value the security. Mr Warburton ha 1 just issued a circular setting fort' 1 clearly the terms of the Act and th Srovisions under which advances cai c obtained. Already 600 application are to "nand, and so soon as the superir tendent receives the reports of th valuers for a few applications th Boards will be convened to deal wit! them.