THE MORATORIUM.

Auckland Star, Volume L, Issue 199, 22 August 1919, Page 4

THE MORATORIUM.

SLIDING SCALE SUGGESTED. REPLY BY iUNISTER. (By Te'egraph.—Press Association.; WELLINGTON, this day. A deputation from the Wellington Chamber of Commerce and Society of Accountants waited on Sir Francis Bell, Attorney-General, recommending a sliding scale under the Mortgages Extension A-.:t, and that mortgag-ecs have the rightt to dharge a minimum rate of interest of o" per cent, on mortgages claiming protection. Sir Francis Bell said the daite ot August 31st had been fixed for the expiry of the Act. Before that time the Expiring Lawts Continuance Act wcruid oome inito operation ajid extend it for a year, and during tiiat year the Government would proceed to legislate. His idea was to extend the whole operation of the Act until December 31st, 1920. The sliding scale proposal had been carefully considered by hrmself, and he thought if they would consider it fully uhey would hud it would be unjust m operation. He could not give an answer at once to the suggestion of charging a penal raite of interest. Replying to a question, Sir Franoia Bell said lie thought he could agree to the charging of a penal rate in certain circumstances.