LOANS FOR EX-SOLDIERS.

Taranaki Daily News, 18 January 1922, Page 4

LOANS FOR EX-SOLDIERS.

MORE MONEY LATER ON. THE GOVERNMENT CRITICISED. HIGH PRICES FOR LAND. By Telegraph—Press Association. Wellington, Last Night. When the Discharged Soldiers Settle ment Amendment Bill was introduced in the House to-day, the Hon. D. H. Guthrie, replying to Mr. J. McCombs (Lyttelton), said the Bill did not provide money for homes for soldiers. Mr. McCombs said that when th® Government wanted to raise money for purposes of which they approved they, could do so, but where soldiers weia concerned they had no will to do it. Mr. Massey claimed that no Government in the world had done more for it® soldiers than the New Zealand Government had done. When the time was favorable he proposed to raise sufficient money to clean up the whole business connected with soldiers. Dr. H. T. Thacker (Christchurch! East) objected to the statement of the Premier that the Government had raised £20,000,000 for soldiers. Mr. Massey: The Government ha<> spent '£20,000,000, not raised it. Dr. Thacker claimed that all the credit war due to Sir Joseph Ward, butl £15,000,000 saved by Sir Joseph Ward had been squandered by the in buying land from their own friends atj high prices. Mr. Massey defended the purchases of land for soldiers. Every acre purchas-i ed was bought by a board set up by Parliament and he was convinced that the employment of the £15,000,000 accumulated surpluses in buying land for soldiers was one of the best investments the Dominion ever made. The only alternative was to borrow money at 6 or 6J per cent. Mr. Wilford objected to the lattei statement. Three or four years ago there was no need to pay six or six and a half per cent. What the Government ought to have done was to have taken the land compulsorily and compelled owners to take war bonds in payment. That was the solution of the Whole

problem, and the desperate financial position of the country to-day was due entirely to the reckless manner in which the Government, had bought land for soldiers. Mr. Massey said that so far from the Government being able to borrow for less than 6 and 64 per cent, their difficulty was to borrow at all.

AN AMENDING BILL.

SOME IMPORTANT PROVISIONS. EXTENSION OF (By Wire.—Parliamentary Reporter.) Wellington, Last Night A Bill amending the Discharged Soldiers Settlement Act was introduced in the House to-day. It provides thal if the interest of the mortgagor in anj mortgaged property under the Dia charged Soldiers Settlement Act, 1911 and 1917, is acquired by the Govern ment the interest so acquired is to b« held separate from other interests an<i the land may be disposed of by sale oi renewable lease as determined by th< Land Board with the approval of th< Minister. If the land so acquired ■ disposed of under renewable lease i shall be for a term of 33 yeans, witt perpetual right of renewal. The year ly rental will be not less than 5 pc cent, bn the capital value, which is de* fined as not less than the amount paid by the Government for the land, together with any costs incurred in purchase and disposal. Unless the Minister otherwise specia'ly determines, where any leasehold estate or interest is acquired by the Government by foreclosure under the principal Act the lease may be transferred and a new lessee shall pay in addition to the rental an amount to be fixed by the Minister in respect of the lessee’s equity. Sales of land under these provisions may be for cash or deferred payments. Sales may be made by public auction, public tender or private contract. Any purchaser of land under the principal Act may exchange his purchase agreement lor ft renewable lease; this lease will date as from the beginning of the original contract and financial adjustments will be made accordingly. The Minister may postpone the duedate of instalments of principal and interest payable on mortgages under section 2of the Act of 1917. If suA postponement is made all subsequent instalments shall be deemed to be postponed for a like period, and the term of the mortgage shall be extended accordingly unless the Minister wise determines. The term of mortgage is not to be extended under this authority for a period exceeding three years. , The Governor-General may. oy proclamation, declare that on and after any date specified in the proclamation the benefits of the discharged soldiers settlement scheme shall apply to person who vMhil© dlomnoiled in New Zealand served beyond New Zealand as a member of any of His Majesty a forces in any war other than the war with Germany.