MORE MONEY.

Dominion, Volume 2, Issue 336, 24 October 1908, Page 6

MORE MONEY.

FOR ADVANCES TO SETTLERS. i ...... '-—— ; TO END A DIFFICULT POSITION. The stream of comparatively cheap money which is wont to flow frora the Advances to Settler's Office will shortly be running again, and the spirits of thousands of people who want capital to build dwellings and develop their properties will revive. Clients are now being told by the head office that funds will soon be available to pay all the loans that have already been granted, and that it will not be very long before furthcr'advances can be arranged for. . This is the result of the new funds which, as announced.by the Prime Minister in his speech at Palmerston North, were authorised by him for the Advances to Settlers and • Advances to W'orkers Departments. It is likely that Sir Joseph Ward will make, a further, statement naming the amounts concerned when ho speaks at Winton on Monday. • : \ Owing 'to; the continued tightness of. the money, market, the applications to the Advance's to Settlers Office during the last few months have been unusually numerous. During the first six months of the present financial year, about one million sterling was advanced to'-settlers and workers by the two lending Departments; Nevertheless, the demand was very far from being satisfied, especially as it has been unusually - difficult to get advances from the banks. Settlers who wanted, a.few hundred pounds were told that they .had better apply . again four or fivo months later.. The effect upon the efforts of the settlers has been in many instances almost paralysing, and, it has been felt indirectly by other classes -in all parts of the country. How many asked for loans and failed to' get so much as a promise will perhaps never be known, .and still less can it be guessed how'many others would have applied if they had not known it would be useless. ' , ' \. ■. • Even' those who had ' loans. : nominally granted, to .them were hot put, of. their troubles, for the money was hot forthcoming when they expected it. The Prime, Minister, speaking in the House'tho other,''(Jay, said the number of applicants in this position was less.than 200 throughout, the country. Members of Parliament, however, .received many complaints on the subject during the session. Constituents •. wrote that. they, had. been promised advances, and on the understandings arrived at, had entered-into obligations. It 1 was .then found that, the • was not I available, and they, were,' placed in a' very awkward' position. In regard to one-'such case, . a letter .was read. .in. the.. House, threatening: proceedings against the Depart-,'ment-in the event of j any ,v claim- .being brought against the disappointed applicant.. In some cases of this kind, the position .wasi met by the applicant obtaining from: the department a promise that the money would be advanced at a certain date, and this , was accepted by private lending firms-as a 'temporary security.; In connection with all such cases and a great number., of . the new funds'now to' be placed.at the disposal of tho Department will afford welcohie relief.