INFORMATION RELATING TO CO-OPERATION AND ASSOCIATION 29 



time being of such holding shall be liable for the payment of any instal- 

 ments and interest in respect of the advance, as and when they fall due 

 in the same manner as if the advance had originally been made to him. 



" Whenever under the provision of the Dipping Tanks Advances Act, 

 igiT, and Fencing Act, 1912, aforesaid, any advance is made by the bank, 

 the same or any balance thereof which may be transferred in terms of the 

 last preceding section, shall be noted free of charge by the Registrar of 

 Deeds, on the deed of transfer, grant, certificate of title, lease, license or 

 allotment of the holding in respect of which such advance is made, in addi- 

 tion to the note which the Registrar of Deeds is required to make in his 

 registers. 



" No advances approved by the boar'l, in respect of the erection of a 

 fence or the construction of a dipping tank, shall be paid over to the person 

 to whom the advance is to be made until the board is satisfied that the 

 fence or tank, as the case may be, has been erected or constructed : Pro- 

 vided that if the holding be mortgaged upon which the dipping tank is to be 

 constructed or the fencing erected, as the case may be, the board, upon 

 receipt of the application, shall give written notice to the registered holder 

 of such mortgage of its intention to grant the advance. 



'' Notwithstanding anything to the contrary in the principal Act con- 

 tained, a farmer resident in such areas as have, under the Drought and Flood 

 Distress Relief Act 1916, been declared by the Governor General b}^ pro- 

 clamation in the Gazette, may, notwithstanding that his property' is hypo- 

 thecated under a mortgage bond, apply to the board for an advance upon 

 second mortgage of land within such area. The board shall, upon receipt 

 of such application, refer it for investigation and report to a local commit- 

 tee... The board after consideration of the committee's report may... make 

 an advance not exceeding five hundred pounds upon second mortgage of 

 the land... Advances made under this section shall hear interest at the rate 

 of five per cent, per annum and shall, together with interest at that rate, 

 be, within a period not exceeding two years from the date of the advance, 

 repayable on such terms and conditions as the board may prescribe. " 



In 1916 eighty-six applications for advances of this description, amount- 

 ing together to £30,430, were received. Fifty-eight for a total sum of 

 £17,800 were granted, repayable in three biennial instalments of which 

 the first falls due at the end of the first year. Twenty-two applications 

 for advances aggregating £8,180 were refused. 



The enormous rise in the price of fencing material entailed a consider- 

 able decrease in the loans for enabling the fencing of properties in confor- 

 mity with the Act of 1912. In 1913 the bank received 906 applications 

 of loans amounting to £132,998 ; in 1914 it received 677 for £86,685 '> 

 and in 1915 it received 132 for £14,746. In 1916 it received only 97 for the 

 total sum of £9,336 ; and only 70 of these, for the total sum of £6,153, were 

 approved. These loans ought to allow 202 miles of fencing to be con- 

 structed in the territor}^ of the Union at an average cost of £30 a mile. 

 In 1916 the total sum paid by the bank for fencing was £12,032. 



