GOVERNMENT ADVANCES.

King Country Chronicle, Volume VII, Issue 589, 30 July 1913, Page 4

GOVERNMENT ADVANCES.

POWERS TC LOKKOW

vim MLTHODS DMKJNED,

Tlir Stale Advances Pill, introduced by Covernor's message yesterday provides for administration by a superintendent jir.il board of five members, gives power to tho Minister to borrow yearly T I, e.00.00d fur advances to settlors, X7(K!,(l'>(i Cor advances to workers, ami A'l .UOO.Onu tor local authorities. Tho Hill provider- that in (he event ot one branch net borrowing to the maximum, excess Co {he amount can bo borrowed by another branch, interest on rums no raised ir no) 1o exceed .'> per cent The Hill also provider- for funds.

Advances to settlers are to in* all on first mortgager, and Co be only made by resolution of the board. Sums lent, are not io exceed .t'JSOO to one borrower.

Application for hums under £SOO are to have priority, and no advance is to exceed three (if(,| )f < 0 f <he amount of security of freeiiohi lands, nor twothirds the value where the security is first-class land The limit, of advance

on leasehold land is three fifths of the lessees interest. In cases whore in- [ [ilnlmcnts are paid punctually, provision is made for rebates of 10 per cent, of interest money. Advances to workers are limited I to persons having an income of lobb i than .vl'OH. The limit of the lean ia

fixed at A"J,\o. and no advance will lie granted in excess of three-four the | of the security of the ircehold or | lessees interest in (he bun!. Priority j will lie given to loans under A.'iOO.