MAZE OF LAWS.

Auckland Star, Volume LXVI, Issue 51, 1 March 1935, Page 3

MAZE OF LAWS.

RENT AND INTEREST. DURATION OF RESTRICTIONS. THE PRESENT POSITION. (By Telegraph.—Parliamentary Reporter.) WELLINGTON, this day. The constant passing of new legislation and the repeal of portions of former statutes relating to rent restriction and reduction of rent and interest have created sneh a puzzled condition of mind in most people that it is timely to recall the fact that as the law stands to-day, the Rent Restriction Act, originally passed in 1916 as war legislation, and regularly reenacted, is due for expiry on October 31, 1935. However, as Parliament will be in session again before that time, another year's extension may be regarded as highly probable if conditions have not materially changed meanwhile.

As for the more general provisions for interest and rent reduction, first enacted in the National Expenditure Act, 1932, and extended or amended in a large number of Finance Acts since (three Finance Acts were passed in 1934) they will continue in force until April of 1937. This also applies to the Governor-General's power to fix rates of interest payable by savings banks, building or investment societies and trading companies accepting money on deposit.

It is anticipated that the comprehensive mortgagor's relief legislation, which is to follow the Mortgage Corporation Bill, will not interfere with the legislation to which reference has been madeabove, as it confines itself to the problem of the mortgagor unable to meet his obligations. As this measure has occupied weeks of the Law Drafting Department's time, and still is not complete, the Government and Parliament probably will be quite content to leave the all-round interest and rent reduction provisions of the 1932 legislation to run along till the arrival of 1937 and more breathing time.