The Opunake Times. FRIDAY, SEPTEMBER 21, 1894. CHEAP MONEY SCHEME.

Opunake Times, Volume I, Issue 24, 21 September 1894, Page 2

The Opunake Times. FRIDAY, SEPTEMBER 21, 1894. CHEAP MONEY SCHEME.

The following particulars will give an idea of the provisions contained in the Government Advances to Settlers Bill, which has been introduced by the Government to carry out the proposal contained in the Financial Statement. There is to be a principal Board consisting of six persons in addition to a superintendent, three to form a quorum. The superintendent will be chairman, and the Colonial Treasurer, Public Trustee, Government Insurance Commissioner, Surveyor-General, and Commissioner of Taxes will be the other six members provided. The Govemor-in-Council may form districts throughout the colony, and appoint a Board in each, consisting of three Government officers. It shall be the duty of the Hi strict Board to receive and consider all applications in their respective districts, and make recommendations thereon to the general Board. It is' proposed to lend money by way of bast mortgage. (1), on freehold land ; (2), on Crown laud held under lease; (8), on Crown land held under lease in perpetuity ; (4), on native land held under perpetual lease under the West Coast Settlement Reserves Act, 1892. The Act provides for raising by means of bonds and debentures in Great Britain or elsewhere A'1,500,000 annually. If, in any year,

this amount has not been raised, the amount short in that year may be raised in any subsequent year in addition to the sum provided for "such subsequent year. The highest rate of interest to be- paid on such bonds or debentures is fixed at four per cent. Settlers may borrow under the scheme a maximum sum of £SOOO and a minimum of £SO. On freehold lands advances will be made up to two-thirds value, but on leasehold ouly to onehalf of the lessee’s interest. Until all the conditions appertaining to leases have been complied with no advance will be made. The term of each loan is fixed at 3GJ years, and the loan with interest at five per cent will be repayable in seventy-three half-yearly instalments of £3 for every hundred. That is, a settler borrowing £IOO will pay six per cent on same, and in 864 years this repays both principal and interest. At the expiration of the 364 years he will have paid a total of £219, being repayment of the £IOO borrowed plus £ll9 for interest. A district solicitor is to be appointed in each district who shall devote all his time to Government business. District valuers shall be appointed who shall give their whole time to the business of valuing and inspecting. Applications for loans must be in writing, accompanied by a valuation fee, according to the following scale: For loan up to £2OO, ss; over £2OO and up to £SOO, 10s Gd ; over £SOO and up to £IOOO, £1 Is; every additional £IOOO, 10s Gd. The costs and fees for preparing mortgage are also laid down as- follow: Law costs on advances up to £IOOO, 10s; over £IOOO, £1 Is. Cash disbursements, which are uniform irrespective of amount Of advance, will be : Search fee, 2s ; mortgage form, 2s ; registration, 10s, with 2s additional for every certificate of title after the first. Therefore, to raise a loan of, say, £SOO, the costs would be as follow; Application fee, 10s Gd ; law costs, 10s; search fee, 2s ; mortgage form, 2s ; registration, 10s; or a total of £1 14s Gd.