Wairarapa Standard Published Tri-weekly, Price 1d. MONDAY, MARCH 23, 1885. A New Idea.

Wairarapa Standard, Volume XVIII, Issue 1689, 23 March 1885, Page 2

Wairarapa Standard Published Tri-weekly, Price Id. MONDAY, MARCH 23, 1885. A New Idea.

Sm Julius Yogel has forwarded to the newspapers a sketch of a measure for obtaining cheap money in small loans for improving lands. He wished it understood that the Government has not decided on introducing this measure, as there might be gieat opposition, and it remains to be seen if there is a strong desire to support it. It provides that a company authorised by Parliament may ask the Governmon* to guar.i"too its debentures, with a rmi'c.m , not exceeding ■lO years, !o a.,, amount not exceeding that author!..id io be borrowed, and at a rare o‘ J •••• :t: guaranteed not to '.■ coed ,'j a. ... .t. The proceeds of '■? :u all bo paid to the ■■run" os ■' '•‘■■■•vornment, who shall ■-■■. the company for . ■ ■ . date of the money mg 0n:,,...., L at the rate paid to mornrm. o: m interest on its balms a ..Ti by the Government -n...-kcr.j ; .• .or lne cost of placing • ’ ■ moiii.-y ' ..ommand in the colony, hj ;•••■ - ray lend sums not eitr.-di! ; Ml on freehold security.

at a i’ii: c exceeding 5f per cent. Loans on ; a roved land not to exceed turn tim'd.- .-i value ; loans for projector. mi; r. ■;Croats must not exceed two thirds ut the value of the laud when improved. Before money is paid, atirst mortgage must be executed in favor of the Public Trustee as joint trustee for the Government and company, with power to the company to collect interest. The loans on being repaid to be available for fresh i ssue. If the Government has to pay any sum of the amount guaranteed, and the company fail to repay it within six months, the Governor is to appoint directors to supersede the existing directors, Hhe former may wind up the company, or carry on if able to discharge its liabilities to the Government. The company must have uncalled capital sufficient to cover the amount of debentures guaranteed by Government. If the company borrow on debentures guaranteed by Government, the amount of such debentures, together with the guaranteed amount, is not to exceed the uncalled capital. The company may make the payment of a sinking fund a condition of loans, such sinking fund to be payable by the Public Trustee. The company may lend by way of terminable annuity—for projected improvements only money obtained from the guaranteed debentures to holders of Crown deferred payment and special settlements lands, the amount not to exceed half the value of the projected improvements, nor four fifths of their cost. District Land Boards are to take such steps in case of failure of payment of interest and sinking funds as are taken re failure in paying deferred payment instalments. If the Crown resumes possession, the land is to remain charged with the liability.