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FARM LOANS

EQUAL FIRST CHARGE STOCK AND IMPROVEMENTS (By TPiPgrapli.—Special to Times) WELLINGTON, Thursday

Loans granted to farmers by the State Advances Corporation for the improvement of property or the increasing of stock rank equally with any existing first mortgage, according to a reply given by the Minister in charge of the State Advances Corporation, the Hon. H. T. Armstrong, in the House of Representatives today, to a question by Mr D. C. Kidd (Opposition—Waitaki). Mr Kidd said that farmers financed by banks or stock firms were complaining that these institutions were refusing to carry the accounts of farmers where their security was being interfered with or made subject to a State Advances mortgage. “Corporation loans under the farmers’ loans emergency regulations are secured, when they are for improving farm property, by a charge on the farmers’ land.” said the Minister in reply. “This does not become j a first charge over the farmer’s asi set in the land, but ranks equally j with any existing first mortgage. Increasing Stock 1 “Loans for increasing stock are 1 ! secured by a charge on the farmer’s : I stock and chattels, and, again, the j j charge does not operate as a first; security, but ranks equally with the ! first mortgage on the stock. The effect ! I therefore, is that, where an equity j in land or stock is increased by an ! I advance under the regulations, the j ! State obtains a charge over the in- i j When the scheme was first, intro- ; ! duced. Mr Armstrong added, a con- : ference was held by the corporation with representatives of the banks and ; the stock firms, and the Government’s proposals, which had been given: lesislative effect, were considered by j the banks and stock firms’ represen- | tatives to be fair and equitable. The

result was that no difficulty had been anticipated in securing the active cooperation of those interests. An assurance had been given, in fact, that the banks and stock firms would cooperate to the full with the Government. LEGISLATIVE COUNCIL (By Telegraph.—Press Association) WELLINGTON, Thursday In the Legislative Council this afternoon the Greymouth Harbour Board Loan Bill and the Invercargill City Council Tramways Depreciation Fund Empowering Bill were each read a second time. The Reserves and Other Lands Disposal Bill was reported from the Lands Committee without amendment, put through the committee stages and passed.

Permanent link to this item
Hononga pūmau ki tēnei tūemi

https://paperspast.natlib.govt.nz/newspapers/WT19400830.2.8

Bibliographic details
Ngā taipitopito pukapuka

Waikato Times, Volume 127, Issue 21205, 30 August 1940, Page 2

Word count
Tapeke kupu
393

FARM LOANS Waikato Times, Volume 127, Issue 21205, 30 August 1940, Page 2

FARM LOANS Waikato Times, Volume 127, Issue 21205, 30 August 1940, Page 2

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