PAYMENT OF INTEREST

Ashburton Guardian, Volume 51, Issue 129, 13 March 1931, Page 4

PAYMENT OF INTEREST

ASSISTANCE FOR MORTGAGORS. STATE ADVANCES OFFICE, WELLINGTON, March 12. A resolution from a meeting of soldier settlers of Morrinsville and district regarding the collection of rent and interest during the period of economic stress has produced a reassuring reply from the Prime Minister so far as the State Advances Office is concerned. The resolution was forwarded by Mr F. Lye, member for Waikato, who has received from the Prime Minister a reply as follows : “So far as the State Advances Department is concerned the fact that a mortgagor anticipates that lie, may find a difficulty in meeting his next instalments when they fall due need not give him cause for any undue anxiety. In cases where a mortgagor finds that through adverse circumstances he is unable to meet his current instalments of loan as and when they full due, the Department is at all times prepared to assist him to overcome his difficulty, and to give consideration to any reasonable request that an extension of time be granted and further to accept payment in such sums as the mortgagor can from time to tune conveniently afford to pay and I may here add that the Department’s mortgagors at all times receive every consideration and encouragement to carry on and work their /farms to the best advantage, and in such a manner as will ensure tlie productivity thereof not only being maintained but permanently established and increased.

“I may say, however, that no general rule can be laid down in regard to overcoming any financial difficulties that a primary producer may from time to time meet with. Each case presents its own particular phase and must be considered and dealt with separately on its own merits, and as the occasion demands. Such mortgagors who are unfortunate in meeting with financial trouble may, however, depend noon the Department in accordance with its usual practice as first mortgagee, doing everything in its power to assist them, provided always that it is shown* that they are diligently making every effort to successfully farm their properties,”