A STATE BANK.

Wairarapa Daily Times, Volume 6, Issue 1769, 23 August 1884, Page 2

A STATE BANK.

Mr James Macandrew, in his recent political manifesto, deals in the following manner with the question of a State Bank. He said:—l have often thought what a benefit it would be to New Zealand were there a State Bank, whose sole business it would be to make advances upon land at alow rate of interest, say 4 per cent, The difference between that and the rate now charged (9 to 10 per cent.) would be an immense relief to the agricultural interest. The Imperial Government advance largely in this way, and so does the Government of Canada. The Indian Government have advanced no less than 30 million sterling to the farmers in but a small portion of the territory; and the whole of these advances are made in the shape of Government notes, which are legal tender. Why cannot the men who assume that they are. the high priests of finance devote themselves to something of this kind in New Zealand, instead of tickling our fancy vith National Life Assurance and Nationalisation of Land nostrum 1 It appears to me that a State Land Bank would be a simple thing, whereby any person should be entitled as a matter of right—now of favour—to produce certifications of title under the Land Transfer Act, together with certificate of value under the Property Assesment Act, and then and there, without theluventionofany third party, obtain advances not exceeding a certain proportion of the assessed value, which would be iixed by the Legislature at such a rate as would leave margin sullieient to cover contingencies,