THE MORATORIUM.

Auckland Star, Volume LV, Issue 221, 17 September 1924, Page 10

THE MORATORIUM.

WHEN SHOULD IT END? DIFFERENCES ON DATES. DISCUSSION IX PARLIAMENT. (By Tolesrapl).—Parliamentary Reporter.) WELLINGTON", Tuesday. Tlie House of Representatives commenced consideration of the Mortgages Extension Bill to-night with a discussion on the procedure for the renewal 'of mortgages. The Premier, when the hill was taken in committee, referred to the extension made- by the Public Accounts Committee until March 31, 1025. He would support March 31, as the legal fraternity was on holiday on the date originally'fixed in the bill, and • it also would be awkward for the parties to the mortgage to revise the matter on Dec-ember 31. He had told the Public ■ ' Accounts Committee that he would divide the House on its amendment. ; Mr. Wilford moved to strike out the ■words Supreme Court, with a view to ! substituting magistrates' courts as a means of reviewing the applications for : extension. He considered that settlers • in remote backblocks would frequently • allow applications to lapse, owing to •. the expense involved in long journeys to - consuK a judge of the Supreme Court. The Premier replied that if there ■were any difficulty about travelling '■ there was no reason why the judge should not travel to such a centre as Whangarei to meet the parties who wished to discuss their mortgages. Mr. YVilford: We have not enough judges. We are two short now. Mr. D. J. Sullivan declared that there was only one judge in Canterbury, and lie' wVis overworked. The Hon. D. Stewart: There will be few Canterbury cases. . The Hon. C. J. Parr, .Minister- of Justice, stated that Supreme Court work was never more up to date. He had authority for saying this. The Hori.i £).■; Buddo predicted that there would be a rush of applications, as men in danger of losing their holdings would Le sure to take this chance of°a final appeal. . The Hon. J. G. Coates objected to intricate matters involving large sums being relegated to magistrates. Mr. Stewart suggested imposing a fnOO limit on the magistrate's jurisdiction unless both parties.accepted their services. ' Bound to "be Wrong. The Premier undertook to postpone the clause and consult the AttorneyGeneral as to whether it was possible to secure sufficient judges, and, if not, what would be the best alternative- ._ It is a most difficult bill/ added the Premier. " and whatever we do we are bound to be in the wrong from some- ■ body's point of view." Mr. Wilford declared tliat this was a fair clause, and it was passed on the understanding that it be ultimately amended. *■ .-, Mr Buddo moved to extend from December, 192 C, to December, 1927, the final date to which, the Court may extend mortgages. , '. . The Premier, in opposing the motion, urged that things. to be cleaned, up. Naturally there was sympathy with, the under dog, but he had had communications showing that there were small mortgagees who might suffer. ■ : . . Mr. Wilford pointed out that the judge would not-necessarily extend the mortgage to the full period. The amendment would meet cases of hardship. Air. HasseV: said'he. was prepared to extend the.date to March. 31, 1927. This was agreed, to. . ' : The amendment of the Public Accounts Committee making the time limit for filing notices of motion March. 31, 1925, instead of December, 1924, was agreed to. Mr. Wilford supported the amendment of the committee to subclause .2, clause 9, suggested by.the -Accounts Committee, extending to July 31, 1925, instead, of December 31, the 'period within which the mortgagee may not exercise his rights. Mr. Witty moved that the date be March 31, 1925. Mr. Massey deprecated. the extension, to He feared it would mean that hundreds of people would come to Parliament demanding further legislation on the matter, and he 'wanted it over and Acne with. . • ■ . The Hon. C. J. Parr said it was unfair to keep the mortgagee out of his money for months after, the judge had decided he Vas entitled to get it. On a 'vote, Mr. Witty's amendment wai defeated" by 30 to 27. Mr. Harris then moved tliat the date be April 30. ,_ Mr. Coates protested that the July supporters wanted Parliament to;go on tinkering- with the moratorium next session. Mr. Harris said : he wanted moratorium /matters '■ settled up before Pair- " liament. met again, and there was the proposal that the House should meet in May. Mr. Lysnar: Why are you afraid of Parliament? Several ■ other attempts to vary the Public Accounts Gommittee's recommendation that mortgagees' powers be restricted till July 31, 192;% were defeated, and, the. recommendation was adopted. • Amendments "moved by the Premier were, accepted; .'providing tliat the rate of interest on mortgages extended under the 192 X Act,'where, it ■was at GJ per cent, shall be the rate .provided by the mortgage or by agreement, or G per cent, which ever is the greater. Actions in respect of pay- ■ ments due under instruments subject Moratorium Act are not to ;be the subject of the statute of limitations. Mr. H. E. -Holland, moved a lengthy iicw clause providing for a method of revaluation of land subject to mortgage, and-taking over by the. State of such mortgages on the basis of real values. The Minister of Finance would lie empowered/to -Taiije .not more than six millions sterling for " the purpose annually. , • The Premier raised" appoint of order tliat «ie clause involved, appropriations, and that it was irrelevant to'the bill The chairman ruled the clause out and the bill was then reported. '