MORTGAGE CORPORATION.

Auckland Star, Volume LXVI, Issue 35, 11 February 1935, Page 6

MORTGAGE CORPORATION.

For the information of your - correspondent "A City Solicitor" the Mortgage Corporation is designed for a very good purpose, and, | indeed, is the Government's best effort to 'solve the country's serious financial difficulties. He need not worry about mortgagees, small or large, as it is proposed to give them interestbearing bonds in lieu thereof, applicable to both raised and vendors', mortgages, reviewed and valued on their merits. These bonds would be negotiable at any time if desired. It is refreshing to learn that city mortgagors can get "all they want" at 5 per cent. However, the Government is concerned with refinancing existing mortgages, both town and country, but especially to give necessary relief to the* farming community where mortgages are out of proportion to the productive value of the land. The farmer's financial plight, is evidently still unknown to many. I agree that the personal covenant should be wiped out, being of no value under the circumstances, and the solicitor who advocated I 'its abolition at Mr. Coates' meeting should stand for,' Parliament. Under the new proposals its application would be unnecessary, and land,"speculation" prevented. A wider view must be taken of matters of national importance, and the Mortgage Corporation, if competently administered, should be constructive and, capable of successful financial fulfilment. FARMER.