THE CRISIS.

Auckland Star, Volume LXIII, Issue 116, 18 May 1932, Page 12

THE CRISIS.

WHAT IS THE REMEDY?

LAND SETTLEMENT MEASURES ' RELIEF FOR MORTGAGORS. ABSORPTION OF UNEMPLOYED. (IV.) The following and succeeding articles review the effect of the more important of the emergency amending measures passed by Parliament during the session now ended. The accompanying survey deals with land settlement and tho relief afforded mortgagors. Various measures have been placed on the Statute Book within the last two years designed to assist existing settlers on the land and to pave, the way for the absorption of unemployed in rural occupations. By the latest effort along these lines, the Land Laws Aniedment Bill of last session, the Government places a good deal of store, the view being held that every clause of the Act will be the means of granting relief to settlers during the depression, as well as

proving of great assistance to unemployed who have a liltle capital behind them.

This legislation is supplementary to other measures which have been taken to afford relief to Crown tenants by way of remissions or postponement of rent or interest and the wide powers for effecting adjustments as between mortgagee and mortgagor, under the Mortgagors and Tenants Relief Acts. Under tho latter legislation machinery is provided for bringing the parties to the contract together and for the appointment of adjustment commissions to consider and report to the Supreme Court on applications referred to them by the Court. The mortgagor has the right to apply to the Court for relief, and provision is made for the postponement of the mortgagee's exercise of powers, of sale. The Court has powers respecting all classes of mortgages, to postpone the taking of action by tho mortgagee, postpone the payment of interest or principal, or reduce the rate of interest and remit arrears of interest. Further Relief. The scope of the legislation was enlarged during the recent session to enable- a mortgagor to apply to the Court for relief, notwithstanding that the mortgagee had not given notice of his intention to exercise powers of sale. Where table mortgages are concerned it is competent for the Court to extend the term and postpone the date of payment of instalments of principal and interest. Special provisions are included for the relief of mortgagors of land from obligations under personal covenant. The same amending Act invested the Court with authority to deal with applications by lessees for reductions of rent and remissions of rent in arrear, and until the application is disposed of the lessor is prevented from selling the property or exercising the right of re-entry. Additional relief to mortgagors of the State Advances Department is contained in a portion of the Finance Act, |!lio final legislative measure of lust I session. As a temporary measure, the superintendent is. given power to capitalise arrears of interest. In cases of hardship, even although a mortgagor is in arrear of one or more previous instalments, ho will be entitled to a rebate on any instalment he pays on the due date or within 14 days thereafter. Tidal Reclamations.

In connection with the recent alterations to the land laws of the Dominion it is to be noted that investivations by experts have revealed the possibilities of the reclamation of tidal lands, and in the undertakings it is proposed to put in hand under this authority, the services of men at present among tho ranks of the workless will be iitilised. Those in a position to advise the Government on the question say that the cost will not be high, and that' nearly all of the expenditure incurred will go into labour costs. In from two to five years, according to the official estimates, land reclaimed in this manner will be available for settlement, and the carrying on of dairy farm-

ing. The Act provides authority for setting apart area-s of tidal lands or foreshore, or lands below low-water mark, where there is not sufficient water for navigation for tho purposes of reclamation and for the declaration of the areas as Crown lands. The reclamation works proposed will be carried out under the supervision of the Public Works Department, principally as unemployment relief and land settlement schemes. It is stated that a considerable number of areas in northern harbours have been found, on inspection, to be suitable for the purpose. Compensation provisions are included. . ~ , Another clause of importance is that relating to the granting of advances up to 00 per cent of the purchase money for the acquisition of part of private rural freehold estates. The advances will be secured by first mortgage where the Land Purchase Board recommends this procedure. In the case of undeveloped lands so acquired, the Development Board may make advances for improvements and the purchase of live stock in the same manner as if the area were undeveloped settlement land.

(To be continued.)