MORTGAGE BILL.

Ashburton Guardian, Volume 55, Issue 137, 22 March 1935, Page 6

MORTGAGE BILL.

LEGISLATIVE COUNCIL VIEWS. DEBATE ON SECOND READING. (Per Press Association). WELLINGTON, March 21. In the Legislative Council the debate on the second reading of the Mortgage Corporation of New Zealand Bill was continued. The Hon. Al. Fagan said the position of farmers was not entirely due to the depression, but was attributable to extensive gambling in land between 1917 and 1929. He said he would oppose the Bill at every stage as it submerged and destroyed the valuable State lending departments. The Hon. C. J. Carrington said he could not support the Bill unless it was altered in certain circumstances. He considered other means could have been devised to meet the difficult situation.

The Hon. W. Hayward said .the Bill must be accepted as the considered opinion of a majority of members of the House, and as such was entitled to careful consideration, but he was prepared to say the legislation was both unnecessary and dangerous.

The Hon. D. Buddo said no country could afford to neglect agriculture. It was essential that something should be done to stabilise farm mortgages in. New Zealand.

The Hon. V. Ward said the State Advances Department would continue to function under the Corporation and carry out the Department’s original function of lending money to workers and settlers at a low rate of interest. The council adjourned until 10.30 to-morrow morning.