MORTGAGE RELIEF.

Auckland Star, Volume LXVII, Issue 184, 5 August 1936, Page 10

MORTGAGE RELIEF.

READJUSTMENT PROPOSALS.

HELPING THE FARMER.

(By Telegraph. —Parliamentary Reporter.) WELLINGTON, Tuesday, j Dealing with the readjustment of mortgages in the course of his Financial Statement to-night, the Minister o | Finance, Mr. Nash, said the procedure for the rehabilitation of the farmer by removing the burden of over-mortgaged land had been drafted, and would be introduced shortly after the debate on the statement. Its main provis'ons would conserve to the mortgagee the values which were now sustained by his secu-j ritv, whilst allowing the working farmer to devote his time to production freed from the menace of possible foreclosure or eviction. "Competent farmers will in future be assured of a reasonable income for the w.ork they do on their farms, and, so far as the dairy, industry is concerned the guaranteed price is inextricably linked up with the adjustment of the dairy farmer's debts," said Mr. Nash. The mortgage legislation will provide that his liabilities will be adjusted so that he may receive a decent standard of living for himself and his wife and famify. With stability of farm income will come an assessment of charges against that income, and the mortgage legislation will ensure to every reasonably efficient farmer that the charges will be so adjusted as to give sufficient return to maintain the standard of living referred to. A procedure has also been worked out for the adjustment of urban mortgages." J