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History of New Zealand. Vol. III.

25. Government Advances to Settlers. (Act passed in 1894.)

25. Government Advances to Settlers. (Act passed in 1894.)

Amount Authorized £3,000,000
Borrowed in London to 30th June, 1895 £1,500,000
Rate of Interest, Nominal 3%
Proceeds £1,416,600

Applications for Advances to 30th June, 1895—

No. Amount.
Received 2,156 £884,453
Dealt with 1,552 559,855
Approved 965 354,907

Note.—The object of this measure is to reduce the rate of interest payable by producers in the Colony, and it is stated that it has to a certain extent already achieved that object.