feb 1, 1894 - Advances to Settlers Act - passed

Description:

The Advances to Settlers Act allowed government to lend to rural settlers who owned
land but had limited access to capital and were hampered by high interest rates. There was no hint of subsidy and interest rates were set above the initial borrowing rate.

Source: https://forms.justice.govt.nz/search/Documents/WT/wt_DOC_94029549/Wai%2060%2C%20A002.pdf

The passing of the Government Advances to Settlers Act, 1894, marked the inauguration of a series of schemes designed to provide assistance to settlers for the development of their holdings, and, although the original Act has been amended and extended in many directions since 1894, the underlying principle has always been the development of the resources of the country, both from the point of view of production and of social development.

Source: https://nzetc.victoria.ac.nz/tm/scholarly/tei-GovCour-t1-body-d5-d23.html

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