MORTGAGE FINANCE

Press, Volume LXXI, Issue 21391, 6 February 1935, Page 12

MORTGAGE FINANCE

♦ THE REPORT FROM WELLINGTON LOCAL ORGANISATIONS NOT CONSULTED The report of the Wellington committee on the national mortgage and farmers' rehabilitation proposals was very promptly repudiated by two of the bodies in whose names it was put out—the Canterbury Chamber of Commerce and the Associated Banks. The local branches of other Dominion organisations, though they did not criticise the report as freely as did the Chamber of Commerce, said yesterday that they had had no information that the report was to be made, and had had no opportunity of discussing it. The local section of the Building Societies' Association had had no information on the report, and an official said yesterday that it was doubtful, if the report had been seen, that the Canterbury branch would have agreed to it. He could not, of course, speak for the branch as a whole, but he thought that the report was one which should have been given the' very deepest consideration before it was released for publication. The stock and station agents of the city also did not know what was to be in the report until they saw it in the newspapers, but one member of the local association said that apparently there was not time for the report to be sent round the country and discussed before Parliament met. It was essential that the report should have been made public before the House assembled. Insurance company representatives had also not seen anything of the report before it was published, but as the Wellington organisation had full liberty to make pronouncements on behalf of the rest of New Zealand, this was not surprising.

COMMENT OF "THE TIMES" SIMILAR MEASURES IN OTHER DOMINIONS (Received February 6, 1.10 a.m.) LONDON, February 5. "The Times," in a leading article on New Zealand farmers and their debts, says the problem with which the New Zealand Government is endeavouring to grapple is not peculiar to that Dominion. Legislation of much the same kind as that being prepared in New Zealand was introduced into the Canadian Parliament last week, while the Australian Government has promised the use of the national credit to help farmers.