SOLDIERS’ LOANS.

Taranaki Daily News, 9 November 1921, Page 5

SOLDIERS’ LOANS.

NO MORE AT PRESENT. MONEY NEARLY EXHAUSTED. LARGE AMOUNT ADVANCED. By Telegraph.—Press Assn.—Copyright. Wellington, Last Night. In the House to-day the, Hon. D. H. Guthrie made a statement on the subject of advances to returned soldiers. The Minister stated the Discharged Soldiers Settlement Act, 1915, and amendments, and the Discharged Soldiers Settlement Loans Acts of (1*920 and 1921, and the Appropriation Act. 1921, authorised loans to be raised amounting in the aggregate to £21,000,000. Of this sum £19,050,000 had been raised (inclusive of £13,500,000 transferred from the Consolidated Fund surpluses), to which must be added the capital receipts available for advances amounting to £960,000, making a total of £20,610,000. Loans had been authorised to 20,112 soldiers, aggregating £20,217,000, leaving a balance of £393,. 000. From this must be deducted the sum of £243,000, representing capital expenditure on remittances from London and capital out in respect of dead and live stock. The balance available for advances to discharged soldiers is therefore £150,000. It was obvious that the loans could not continue at the rate as hitherto, and the Government decided that all available funds should be used in the direction of making advances on current account to assist in stocking and improving lands already in occupation of soldiers. There was an obligation on the Government to help those men already placed on lands and those who own their own farms. Further loans amounting to a maximum of £250 each are being granted to soldiers who have suffered through the depression in wool and fat stock, etc. In very special cases loans will be made to assist badly disabled soldiers and T.B. men, where it can he shown that there is a reasonable chance of their being successful. Mr. G. Mitchell (Wellington South) asked the Minister hbw long he supposed it would be before the granting of loans could be resumed. The Minister said he of course could not say, but it was possible that the financial stringency w'ould pass away much sooner than many people believed. At all events, in the present state of the money market, it was impossible ■ to go on as they had been going, and therefore Cabinet decided that rto new applications for loans could be considered for the present. All commitments, however, would be met.