PROTECT LENDERS.

Auckland Star, Volume LXIV, Issue 247, 19 October 1933, Page 9

PROTECT LENDERS.

MORTGAGE CONTRACTS DEPUTATION TO PREMIER. MOVE TO RESTORE CONFIDENCE. (By Telegraph.— Parliamentary Reporter.) WELLINGTON, this day. A'request for a definite promise from the Government, that there would be no further interference with the rights of future mortgage contracts, was made to the Prime Minister, the Rt. Hon, G. W. Forbes, to-day by a deputation representing the New Zealand Investors' Protection Association. It was contended that such an undertaking was necessary in order to restore the confidence of the lending public. In reply the Prime Minister stated that ho recognised the difficulties of the mortgagee, but the legislation which had been passed had been rendered necessary by the depression. Naturally all legislation which aimed at restricting rights inflicted a certain degree of hardship, but had the position been left in a state of chaos it would have been much worse for both mortgagees and mortgagors. The economic situation was now improving, and the Government, Mr. Forbes added, was hopeful it would be able to relax the restrictions which had been imposed. There was no doubt that equitable arrangements had been made in many instances between the mortgagor and the mortgagee without recourse to the Courts. On the other hand theie were farmers who were taking advantage of the concession, while some mortgagees were demanding the carrying out to the letter of their mortgage. Mr. Forbes said he could not give definite promises to requests, but he would see that the association was consulted when any future legislation was being prepared. He would give serious consideration to the points which had been raised.