MORTGAGE INTEREST.
. to the bditob o* tuk miss. j J Sir,—Mr C. G. McKellar is deserv- • tag of the thanks of the community if or his criticism of mortgage interest. ? Jn Australia the, personal covenant of mortgage was eliminated. This, to- " gether with a reduction of 33 1-3 per cent, of the capital of the mortgage, would have immediate effect in hastening a return to prosperity in this country- . Xam quite unable to understand why the provisions of the Mortgagors Relief Act do not apply to bank overdrafts or to mortgages under the State advances to settlers. The personal C&venant of a mortgage is a pernicious thing, and has in no small measure helped the Bank of New Zealand to secure its dividend of 11 per cent. Its abolition by statute should be the first •, measure passed in the next session of Parliament.—Yours, etc., SHYLOCK'S VICTIM. July 11. 1933.
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Press, Volume LXIX, Issue 20905, 12 July 1933, Page 15
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149MORTGAGE INTEREST. Press, Volume LXIX, Issue 20905, 12 July 1933, Page 15
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