State Loans to Settlers.

Wairarapa Standard, Volume XVIII, Issue 1732, 11 September 1885, Page 3

State Loans to Settlers.

The report of tho Committee of the House of Representatives appointed to consider the expediency of State loans at lowinterest to settlers on security of their lands states “ That the public credit of New Zealand might with advantage be applied towards enabling settlers, on the security of their laud, to acquire advances at a comparatively low rata cd interest. Such advances might be made through the Lauds Transfer Department, in sums not exceding £2OOO, to any one individual, for any period not exceeding ten years ; rate of interest, 41 per cent per annum ; amount of such advance not to exceed one half of tho value as fixed under the Pioperty Assessment Act. Mortgagor to ha entitled to cancel mortgage at any time on payment of the principal and interest to data of cancellation. The sole instrument of mortgage should be the indorsation thereof on the certificate of title, and its registration in tho Land Transfer Office books. The amount advanced should be paid in New Zealand Goveruraent debentures of not less than £IOO each, bearing interest at the rate of 4 per cant per annum, with a currency of fifteen years. Principal and interest to lie payable cither at the Colonial Treasury or tho Bank of England. Seeing that the session is now so far advanced, the House may probably he unable to consider or discuss the foregoing proposals at the present time ; and, oven wore it otherwise, the subject is one of such vast importance in its hearing upon tho future prosperity of New Zealand, that it may perhaps be well to afford public opinion throughout the Colony, an oppoitunitv of expressing itself upon the question before any definite action bo taken tiierein. ’ The Committee suggests that the (roverumout will, during the recess prepare a Hill in accordance with the above suggestions,