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Taranaki Daily News, Volume LI, Issue 285, 26 November 1908, Page 2

ADVANCES TO SETTLEIiS. A-muht the ivide divergence of view, and divided opinions on tin; leadimr legislative eiiactnients to which Xew Zealand js subject, it is distinctly agreeable to find one o„ which all parties are prepared to grant assent and approval. N c' allude to the Advances to Settlors Act, winch the rapid growth of ncothtious under its provisions proves To be a mast acceptable and .beneficial scheme. In the Advances to Settlers Department tin- applications received lip to September 30tb. I'.IOS. number 2!),!l!)i. and the auiount applied for t11.ni7.3117 The Ccuoral Hoard of the Ollice. up to Septcnibor 301 h. WHS. authorised UMI advances, amniiuting to 0.8!)4.8!lil Applicants to the nuuiber of III7J declined Hie grants tillered them, aiiiountia" to il\f)'.my.ir>, so that net advances iiuthi>ri>cd to September 3Utli. lilllS. number ! 21.87(1, and amounted to .t7.7!)5,853, the .ivciage being UoO cadi, which proves Unit it is the small farmers and workers who have .benefited by this public institution. For the six months endimSeptember 3(lth. 1008, .C77-1,()79 lis lid has been advanced in the Settlers' Department and .C131U123 lis lid hi the Advnnces to Workers Department. These lignrcs show that there has been a continuous increase in the number of applicants lor advances. The oilier, is doing its utmost to meet the requirements of borrowers with the funds at its disposal.

Directly ahout ij,OUU settlers ami workers, ami indirectly many thousands more have received incalculable bciiclils as the result of this legislation. It is estimated that it has linen instrumental in saving directly and indirectly to mortgagors in the Dominion 'over JL'!i,SOO,OW in interest, in addition to a very large sum in inoculation fees, legal costs, valuation fees, and other charges. Kverv lialf-yearlv instalment, except tliß lirst ami last, is at the rule nl' .Ci (less the rebate of interest in case of prompt payment) foe everv .CI 00 of the loan. Tile following tabic' s!|„w?. taking a Joan of .CIOO as an install™! how much of such instalment is applied to repaying tin- principal, anil how much is in repayment of interest. It

shows also (lie amount »f I'olmtf' in respect <if each instalment, and tlu> balance of principal remaining due after payment of tlic respective instalments until the loan is entirely repaid in thirty-six years and a half:—The mortgagor may pay to the Superintendent ul any time the whole balance of principal owing, with interest io date of payment, and obtain a discharge of the mortgage on payment of the fee prescribed' fnV ~ui-!i discharge. The mortgagor may nl.-ii from lime to time pay to the s'liperinl-mleul. in addition to the half-yearly payments, .iiiuis of t;"> or a multiple of' c">. At any time, after at least one-tenth of the loan has been repaid, by means of the half-yearly j instalmcnls or o( moneys repaid in nlvauce. or both, the mortgagor (-provided he i- not in arrear with any inI slalmcnt or other payment due under the mortgage) may. with the consent of Hie Superintendent, readjust the loan by treating the balance of prineip-il then unpaid as a fresh loan duly granted on that date lor a fresh term. Hut no readjustment is allowed unless tiie bill live of unpaid principal amounts to nl least C 1 (10. I'mler this arrangement the mortgagor will bo relieved of paying

on llu>. original amount «' il will pay only on the '■" of principal n ot repaid'. Mortgiij dor the Land Transfer Act. IS>" secure further advances on from encumbrances, will lie prepare*! are completed for a nominal Ice nf ">», ill eluding disbursements. Valuation re ports on the securities offered are mad on behalf of the Department b.v i'* pert land-valuers pun Land Department; and tli gelhcr with the corrcsp. lions appearing in Ihc disl of The. (! tion of Land Act, 18!)0, and reports fro: the Commissioners of Crown Lands i.. the ease of Crown leaseholds, are considered by the General Board. Board gs are held weekly, or as occaipiires, and the Superintendent is by the resolutions of the Board, lution is taken with regard to I every application placed before the (ieneral Board, so that on the Board event the v; turned, and Dt eligible: and in that ition fees paid arc rcriiics are reported on,

liy arrangements i Office, mortgagors ; r instalments and interest to th lit of the Superint-Mili'iit. at an money-order olliee, i\i for remitting the money lo ih-iiuij This is an arrangement at once venient anil ec miiiiher of nor Office. Loans mn.v also he or in full tlnoiigli the Pos. advances also are made through th Tost Oflice. Arrangements have

niacin whereby the whole cost of mortgagee's accident indemnity in respect of its mortgages will be borne by the Advances to Settlors' Office. Formerly the premiums were charged to and paid by mortgagors. The officials of the Government Advances to Settlers Office are bound by declaration to observe secrecy respecting applications for advances, and are I'orbiihlon to give nnv information re-|i.'(tiim' the laziness of the Department excepl lo oilers appointed to assist in carrying <r,i the provisions of the Act. The Act provides penalties for ! persons einployeJ in the business of ■ the Advances i.o Settlors Office taking , any fee or reward from an applicant for ■ a loan under the Act: for persons act- ; in« as valuers of land in which they '. Inive a pecuniary interest; and for per- - sons who may attempt to bribe anyone 1 employed under the Act.'