LOANS TO FARMERS.
A BANKING SCHEME. TO ASSIST FARMERS. (‘ 4 The Age ’ ’ Special.) Parliament Buildings, Oct. 29.—The Prime Minister introduced the Farm Land Mortgage Association Billy which will authorise the formation of farmers’ loan associations with power- to raise money by bonds and deposits, •and, by a limited amount of State loans, for the purpose of lending to bona fide farmers on freehold land up to 70 per cent. No dividends arc payable till all the liabilities to the Government aro repa d. Any farmer desirous of obtaining an advance must become a mem-b.-r of the association, taking one share for every £lOO loaned to him. The maximum loan is £5OOO. The Government may advance to an association for its first year’s expenses £2OOO without interest, and sums not exceeding £50,000 without interest for 10 to 20 years. The total of loans to all associations are ndt to exceed £150,000. To enable an association to extend its lending operations, it can issue at 5* per cent (or less) bonds of not less than 5 years, and accept deposits for not less than five years at 5 per cent.
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Bibliographic details
Wairarapa Age, 30 October 1924, Page 5
Word Count
188LOANS TO FARMERS. Wairarapa Age, 30 October 1924, Page 5
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