OPENING UP THE LAND 135 



cept for actual expenditure. Any amount may be 

 borrowed, from $125 to $15,000. The state has 

 never foreclosed, it does not try to induce the bor- 

 rower to take more than he really needs, and he has 

 usually thirty-six and one-half years to pay back. 

 It advertises widely the fact that it is ready to lend 

 money on agricultural security. The state lends 

 60 per cent, on freehold property and 50 per cent, 

 on leasehold property. By 1901 over $9,000,000 

 had been lent to settlers. 



The South Australian Advances to Settlers act 

 was passed in 1896, one year later than the New 

 Zealand law. The lending office is the state bank. 

 By 1902, after six years of operation, the trustees 

 had lent $3,565,000. The interest rate is 4| per 

 cent. The state bank forced the bankers to de- 

 mand lower interest from the farmers by competing 

 with them. The state bank of South Australia 

 lends money to the farmer not only on his farm but 

 also on his shipments, if they have been approved 

 for export. 



The Victoria law dates from 1896, that of New 

 South Wales from 1889. In the state of Victoria 

 4,000 families have been enabled to secure farms 

 through state provision for aid to settlers and 6,000 

 workmen have been provided with homes in the 

 city. 



Queensland lends money to farmers for the build- 

 ing of co-operative sugar-mills. This has been done 



