A Cheap Money Scheme.

Manawatu Standard, Volume IX, Issue 94, 24 March 1885, Page 2

A Cheap Money Scheme.

Oiiktstchurch, Mareh;2li. r > i n.Sir-Juliußi; VogeVhas fonvarded t<> the.-, newspajjera , ,$ .§ ketch: of. , a; >ineasH;r6 for obtainfng cnedp moneys m small loans for improving>l«nds'i' He I'wishes1 'wishes it understood tjiat. the. Goverjoent has not decided on introducing Uiis'me^slirej, as there jinight -jb.e great disposition, and it remains to be 'seen if' there is a strong desire to support it. It provides that a Company authorised by Parliament may, ask Uip.Gpveriimen^t/to guarantee, its ,de: j botitupeb; -\rith a currency not exceeding 30 years, to an amount not exceeding ,-thafc a\ithqiiqed to be borrowed, : and !at a ral#, of invest; guaranteed v no£ to ex? j coed 4£ per cent. The "proceeds of the deUenturea sh«lbbei-paid -to the? account of the, Government, who shall be rcspojiBibte to 'tHe'CoiVrpia'ny fc^inte'rkf' i\p to 1 the'Ca*e of tlie i! inbhe^- ' ; hfeihj* ;em'pl6yn(t at the ratefpaid to the; iGovertfincnt^:f of „4«ferept on its balance m London b,y. the j Gove'rrimeut Bankers ; alsbfor 1 the c'osi of placing the;.rnpn|Byat command m th 4 Colony. The Company may lend 'stung t)pt|e^cb>e;dyjg £300$ on JrefehoM^feeMrt ity at a rate not exceeding 5| per cent! j Loans on iittpToved 1 land not ■lo exceed two-thirds of the value ; loans for pro} jacted/hngropeinteb.tß,! inus^ not^excpea two^tmrclsof tlie* land when improved: Bjßfpr^nfo.jie^>is paid, a Ji^st iiportgage; mustbe exe'cut^d m favor of the Pnbiid Trusteelfas: joint trusteeifo'tthe'Goveru-j' ment and Company, with power to the Company to collect interest. The-loans! on being repaid to be available for freslj issue. If the. .Government has to pay any of the strt'n of the amount giiaran :- teed, and theXHompany fail/to repay i<j within six. JaOflths, tte Governor is to appoint^djrectorar, The foVmer may wind up?th« Compa,iiyy ov .carry on if able fc^^diacharge' T its to tha ; Governor^ .^ie Gpmpaay; must' have uncalled "capital- sirfficiont to covet the amount of ilebentures guaranteed by Government.. If the Company borrow on* w dcbe|itur^!S-guaranteed triivernme'nt, the* EnVfounV of 'such debentures, together wijU the amount, is not to exoeed>>the nncallej 'capital. The Company ma 3' > make the paym«nft of a sinkingiund to \b> payable tatlie., Piiblic Trnsteft. The Company may lend by way of terminable annuity — for projec r ted improvements only — money obtained . r i,rqnvlhe guaranteed debentures to Jiold;'erß of ,Crown^ ; ,4 e f©i" re d. pav;ments whd Special, settlement lands, tiieT amount not ] to Rxce'diilialf -the value of (he projected improvements, nor fouri-fifths of tlteir cost. District Land Bourds are to take : siicH steps m case>of.-fiiilure of payment of interest apd Bin.kju^ ; fund a» nre ta'cen re failure m paying deferred payment instalments. It the Crown resumes pos«eßsio^,'Miie lniVd is to reinain 1 chaiged with the liability, ■'- '.