CO129-450 - Acting Governor Claud Severn - 1918 [10-12] — Page 389

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I do not ask Honourable Members at such short notice to come to any conclusion as to details, but to approve of the broad principle of using a portion of the large balances of revenue now available for the purpose of making loans at fire per cent repayable in a term of from five to eight years. There would of course be conditions as to the type of house, the materials used in construction, the maximum rent to be charged for shop or godown accommodation, and for portions of each residential floor, but all this would be calculated on a basis of yield of about eight per cent to the borrower.

If Honourable Members approve I propose to address the Secretary of State fully on the subject so that he may be in possession of all the details. On the return of the Governor of the Colony it will then be possible for him to deal with the matter by telegraph.

(Sd.) Claud Severn,

4th November, 1918.

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