CHEAP MONEY.

Ashburton Guardian, Volume V, Issue 1270, 22 June 1886, Page 2

CHEAP MONEY.

TO THE EDITOR. Sir, —As the honorable member for Ashburton is to continue the debate on the second reading of the Land Associations Bill on Thursday June 24th, I regret vary much that your readers have not had an opportunity of studying the measure. The Colonial Land Association would undoubtedly prefer a Statp guarantee as I at first suggested, and as Mr Macandrew proposes, “if you can get it." However, the Government firmly decline to adopt such a course, and the Opposition are even less Inclined to pledge the credit of the colony for the poor farmer," who will again be cheered by soft words when the next elections take place. It has never been contended that tho Bill in charge of Mr ivesa was perfect or even quite workable in its present form ; but the Association felt sure that those who were sincere in their efforts to get tho rates of interest reduc3d would have ample scope for ventilating their views and improving the measure: otherwise they would, by showing the inherent weakness of the remedy proposed, be able to show what should be aimed at next session. In fact, all that the members of the Association now ask for is open and fall discussion of the cheap money scheme. The Bill was drafted to effect the following purposes :—To reduce the rates of interest on mortgages ; to facilitate the borrowing and lending of money upon land ; to mako the security in the hands of the mortgagee easy of transfer, and therefore more valuable to lessen legal expenses by extending existing mortg »gos during the currency of debentures sold to pay cff present mortgagees ; to enable the farmer to pay cff an aliquot portion of the principal money by giving six months' notice; to give associations of farmers the advantages which are now enjoyed by loan companies. It is evident that such a meosurn, however imperfect In construction, must faeo a large amount of opposition, and some of it under the garb of friendship.—Yours, &o„ J. H. Nswj,th.