MR FORBES’ OFFER

Wanganui Chronicle, Volume 74, Issue 68, 21 March 1931, Page 13 (Supplement)

MR FORBES’ OFFER

With, regard to the terms which Mr Forbes offers we are left in the dark. He proposes to make “grants or Joans'’ for the reconstruction o± buildings, which will be covered by a levy of Is 6d per cent, on the value of all insurable property in the Dominion. Local authorities are to be exempted from principal and interest payments for the first five years, atter which the loan is to be repayable over 30 vears at 4 per cent. But what terms private persons may expect we are not told, although if the money is , to be repaid by a levy on all insurable < property in the Dominion, one might conclude that the grants were to be made as free gifts. That is not so, of course, indeed we are told tl. advances are to be a first charge on tne properties concerned. A committee is 10 be set up to investigate applications fur assistance, which means more delay. We regret that Mr Forbes didjiot take the suggestion of the ‘‘New tealand Financial Times” and make arrangements with the insurance companies to pay out as on a fire loss, lhau would have meant quick settlement and speedy restoration. This, or the very similar scheme adopted in Japan the last big earthquake, to which Mr Jull has referred, would be very much better than that proposed by Mr Forbes. We hope that it is still not too inte for reconsideration of the Government’s plans, which are quite definitely not adequate to the occasion.