The Cheap Money Scheme.

Feilding Star, Volume XVI, Issue 170, 17 January 1895, Page 2

The Cheap Money Scheme.

(PEB PEESB ASSOCIATION I. Wellington. January 16 The first meeting of the General Lending Board under the Government Advances to Settlers' Act was held today. Mr J. K. Warburton, Superintendent under the Act, presided. Among those present was the Colonial Treasurer. None of the applications for loans were dealt with, the question under discussion being that of valuation. It was agreed that in connection with each application as it arise?, a valuation should be made by the Superintendent or on his behalf by a valuer of his nomination in terms of sub-section 4 of clause 41 of the Act. This is precisely on the same conditions uuder which valuations are regulated by the Public Trustee for Loans under the Public Trustees Act. As regards the appointment of valuers, for which provision is made under section 11 of the Act, two appointments have already been made by the Governor in Council Hugh Carswell (Otago), and William Duncan (Auckland) — and their appointments date from January Ist. Mr T. K. McDonald's, for Wellington, will shortly be gazetted, but the selection for Christchurch has not yet been made though it is not unlikely that Mr W. A. Marchant, Crown Lands Commissioner, will act in the meantime. Mr Warburton has just issued a circular setting forth clearly the terms of the Act and provisions under which the advances can be obtained. Already six hundred applications are to hand, and as soon as the Superintendent receives the reports of valuers for a few applications the Board will be convened to deal with them. ___________«_«_