INTEREST RATES.

Auckland Star, Volume LXII, Issue 260, 3 November 1931, Page 6

INTEREST RATES.

Your correspondent "Lower Interest Batfes" must have found a weak spot in the armour of his mortgagee to effuse' so much over that individual's grateful acts. lam .afraid he is wrong; one just needs to read tho mortgagees' sales and find the cause and the tale from the unfortunate one who has had his property taken from him. I am sure that "LotvpV Interest Rates" would not figure in any of them. '"Accountant's" version of the ungenerous mortgagee is more like it; he might know that some of these individuals make a good living "squeezing" the "mortgagor to such an 'extent-that evacuation is the only remedy. "Helpless'' s 'is not the only one who has not had her interest reduced; unfortunately, mine, was raised, from six to seven per cent, although my quarterly interest was paid promptly at all times. My appeal for leniency met with no quarter. "Go on the Land" has been the slog-in of some of our prominent politicians, yet they frame an Act leaving a loophole whereby the mortgagee can charge what interest he lijves when the mortgage falls due. This is not very encouraging to our younger generation who are desirous of becoming property owners, nor an encouragement to some of the eighty-five per cent who'are living on the fifteen per cent of New Zealand land owners to do likewise. This Act should be remedied to encourage closer settlement and do what the Parliamentarians tell ns is the Tight thing. ROSEBANK- ROAD.'