The Chronicle. PUBLISHED DAILY LEVIN. MONDAY, AUGUST 4, 1915. DEAR MONEY.

Horowhenua Chronicle, 4 August 1913, Page 2

The Chronicle. PUBLISHED DAILY LEVIN. MONDAY, AUGUST 4, 1915. DEAR MONEY.

Tilt" frequency of land sales held during ID I-!'by order of mortgagees must have struck a greai many oliscrvcrs aw being-"son>r-thing beyond tlie ordinary. That money has been "tight" liiis been an evident fact to ail people in business, but the temporary inconveniences thus occasioned will be remedied very soon, in the volume of summer business. ]}ui those unfortunates whose properties have been compulsorily closed upon through mortgagors' inabilih to finance their expiring mortgages have experienced lasliii; , loss, and in some cases irremediable detriment. Such experiences must militate against the general progress of (he dominion, and if the {iovernnient can do anything to remedy Ihe stringency its duty demandthat the step be taken speedily. Doubtless it is desirous of doing whatever it can to alleviate the

financial stress, but the fact is clear that though remedy is easy of suggestion the effecting is harder. 'I hese facts were made evident during a discussion in the House of Ivqirescutatives on i'riday last, apropos of a return submitted by the Hon. James Allen. This dealt with the State Advances from Ist .hiJy, JUIC', 1o Ist July, l'JLj, and in placing the return upon the table of House the Minister of i'inanee said thai

although the limit of the advances had been increased, the Government was paying out ai the rate of £75,UUU monthly. He did not think the total eouhi be increased till the money market improved. In the ensuing debate, Mr G. \Y. Ruhsell said that he hail heard that 10 per cent, was being paid for second mortgages. lie would be quite prepared tu assist the Government, if they desired to meet a high rate 0/interest, to go on the London market fOl - two millions. Mr Masscy said the rate of interest depended on the of the security. They all knew there had been a stringency and that it had to some extent been relieved. The money could now be got ai b\ to ti per cent., providing the securities were good. "It had been a rule that I lie Government should not advance money to pay oil' exiting mortgages. He did not agree with Mr lviissell that they should go on the London market at present. Mr D. JJmlilo said the farming community looked to the Government to relieu. , the stringency of the money market. Mr I. M. Wilford' plead-

Ed with the Government to see that borrowers were protected. -Mr Young contended (ha( \hc lending system of the Government was being' ab'used. Town properties were getting too rniicli. Tlie lion. James"Allen said the Public Trustee had found a huge sum of money (luring , Ihe past year for local bodies and the local bodies know it. lie thought it would not be practicable to go to the London marget as suggested. The Government was not responsible for meeting mortgages coming duo. There was only a limited supply of money. They could not do everything , . The question Mas : were they going to advance money to pa\- off

After vaccination protect your arm_ by using one of the proper shields, obtainable from C. S. Keedwell's Pharmacy, it may save you a lot of inconvenience.—Advt. The Levinians came down fith their wealth of red gold, :or they knew that Fred Pink iad good boots to be sold; his lewad. had struck them when •ending- page 2; and all ran like ■edshanks the bargains (• view. -Adrl.

existing , mortgages or were they to advance money to settlers going on the land to increase the productivity oi the country. Advances were being made to leaseholders. More had been advanced to them than (he freeholders. Last year i'-J2(i,()(.)() was advanced to 4-1-1 leaseholders, and £407,000 u> :!90 freeholders. Ju concluding the debate, the Hon. Mr Allen insured the Mouse that the Government would continue to do its best to provide advances to settlers, workers, and local authorities. The exaggerated statements that were made as Io the high rates of interest only tended to raise the rates. It was impossible Io conceive that the large amount that was being lent bv the Department over 1'100,(HKI a month had no effect upon the market. "li has had an eiVect, he added "for money is undoubtedly easier."