ADVANCES TO WORKERS.

Gisborne Times, Volume XXV, Issue 1974, 9 January 1907, Page 2

ADVANCES TO WORKERS.

The Government Advances to Workers’ Act,, 1906 ,provides for the advancing of money to workers desirous of providing themselves with homes on first mortgage of urban and suburban lands and improvements held under certain classes of tenure free from all encumbrances, lions and interests, other than leasehold interests.

(1) A worker is defined as a person employed in manual or clerical work, who at the time of making application for a loan is not in receipt of an income of more than £2OO per annum, and is not the owner of any land other than the section on which it is proposed to build. (2) Not more than £3OO may he granted to any one borrower. No advance is to he granted which exceeds the value of the dwelling-house to he erected, or exceeding tluee-fourths of tile total value of the security when the building is completed, in the case of freehold land, or tliree-fourtlis of the lessee’s interest in tile lease'after the building is erected, in tlie case of leasehold land.

(3) The amount of the loan granted by the hoard may either he paid over in one sum when the building is completed, or, if the applicant desires it, he advanced by instalments corresponding in amount to the progress from time to time made in the erection of the building. (4) Loans are to he granted only on the instalment system, and are to he repaid or readjusted as in the case of a loan under the Government Advances to Settlers’ Act, 1906. Interest is charged at the rate of 5 per cent., reducible to 4J- per cent., provided payment is made not later than 14 days after due date, and no arrears or other payment under the mortgage remain outstanding.

EAST COAST NEWS. POUAAVA.

5 ‘ (From Our Own Correspondent , ' The Christinas aml New Tear’s ho.* , days passed over here very quietly L indeed, the principle residents betaking themselves to town or else . where to enjoy the festive season, j. But in the homes of those who were i left behind, hardly any difference was • made in the daily routine of houseI hold affairs. i On Boxing Da.v, however, an at--1 traction which drew a large con- | course of people from all directions | was provided in the Pakarae race | meeting. The races were well conj tested throughout, and to give an idea I of the popularity of the sport, in the I last race (an important one), nearly twenty horses faced the starter, and tile event proved tile most exciting of the day. The weather throughout the holidays was simply perfect, and had that reassuring appearance which enabled people to venture forth without any of those harassing doubts whether or not a soaking was instore for them before tile day was done. January 3rd.