SOLDIERS’ FINANCES

Sun (Auckland), Volume II, Issue 603, 4 March 1929, Page 14

SOLDIERS’ FINANCES

REPAYMENT OF LOANS POLICY OF LAND DEPARTMENT (From Our Own Correspondent) HAMILTON. To-day. The policy of the Lands Department with respect to soldier settlers’ accounts is dealt with by the Minister of Lands, the Hon. G. W. Forbes, in reply to a letter from Mr. F. Lye, M.P., for Waikato. Mr. Lye had written asking for a reply to the representations made to him on behalf of the Mangateparu soldier settlers, and stating that there was general dissatisfaction with the proposed method of dealing with soldier settlers’ accounts. It had been suggested that the whole of the advances made to returned soldiers be placed on the same basis as those of civilian settlers. In his reply Mr. Forbes said questions regarding the renewal of current account mortgages had been under consideration by the Lands Department for some time. Much depended on the valuation of each settler’s equity in the property, but wherever possible arrangements were being made to take security for a reasonable portion of the current advances by instalment mortgage, thus providing for a gradual repayment of the loan. Where the cirmumstances did not warrant the transfer of the whole account to the instalment system the balance would remain secured by flat mortgage and bill of sale. The adjustments were now being proceeded with in all districts and the cases of the Mangateparu settlers would receive consideration in due course. Some had already been dealt with. Replying to the suggestion that loans for permanent improvements should be caiptalised, the Minister said presumably what was desired was that part of the mortgage should be placed to the capital value of the land and interest recovered as rent. As, however, the mortgage moneys were payable into a separate loan account this suggestion was one that -was not practicable, and there was no statutory authority under which it could be given effect to.

The question of dairy orders was one which each settler should himself take up with the Commissioner of Crown Lands. The commissioner would always give favourable consideration to requests for the refund of any surplus milk moneys or suspension of dairy orders for a period where it was possible to do so without prejudicing the interests of the State.

Transfers to table mortgages would be made where the conditions warranted it, but it was manifestly impossible to consider such a proposition where the lands did not afford a sufficient margin of security and where the stock on which advances were made was necessary to provide that security.