ADVANCES TO WORKERS BILL.

Wairarapa Age, Volume XXIX, Issue 8255, 8 October 1906, Page 5

ADVANCES TO WORKERS BILL.

The Government Advances to Workers Bill was introduced in the House on Friday night. The Bill provides that a worker who desires to erect a dwelling house for himself £nd his family on urban or suburban land, on which the superintendent may advance money under the Government Advances to Settlers Act, 1906, may apply to the superintendent for a.loan for thai; purpose. The applicant must declare that ho is a worker—that is to say, he mutt be a person employed in manual or clerical work, must not b9 in receipt of more tnan £2OO per annum, and must not be the owner of an? land other than the section on which he proposes to build. Not more than £350 shhll be granted to any one borrower, and no advance shall be granted exceeding the value of the ereatiou or exceeding three-fourths of the value of the security in the case of freehold land or threefourths of the lessee's interest in the lease in the case of lease bold land. The loan may, if the applicant so desires, be advanced by instalments, and the amount of eaoh progress payment shall from time to time be ascertained and certified to by the Valuer-General. The term of the loan is to be yeare, f>nd the loan, with interest at the '-ate of 5 per cent, per annum (but subject to a rebate of one-half per cent, per annum if paid within fourteen dayß of tho due date) shall he repaid to the superintendent by 73 half-yearly instalments. l± is set out that every such halfyearly instalment shall consist partly of principle and partly of interest, and every such instalment except the last shall be at the rate of £3 for every £IOO of tho loan. Of the gross amount of interest received under the Act in any one year, one-tenth part shall be applied in establishing a sinking fund as security for the money raised under the authority of tho Act. The whole of the profits arising from tho advances to workers branch shall be transferred to the reserve fund to provide against losses. The funds, assets, and liabilities of the Government Advances to Settlers Office in respect of its advanaes to workers branch shall at all times be kept separate and distinct from its funds, assets, and liabilities in respect of its other branch, and in no case shall the funds or assets of the one branch be chargeable with any liability of the other branch.

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