MORTGAGE INVESTMENT

Press, Volume LXXIV, Issue 22318, 4 February 1938, Page 7

MORTGAGE INVESTMENT

TO THE BDITOE Or TH« PRESS. Sir.—Mr Savage takes great credit for the prosperity of the Dominion through the Labour Government's administration. What is the reason, with ail this high-pitched note of prosperity, that farmers on good sheep farms are not paying their interest on first mortgage. Through their not receiving interest for some years, money has become a problem to mortgagees. I was advised to apply for the oldage pension, and I did so with a very sad heart. I called at the Pensions Department, where I was asked. "Have you a motor-car?" I said that my husband had a second-hand one. "What make is it? When did you get it? What did it cost? Where did you get the money to pay for it?" I said "The man on the farm with our money owns a car." I told the official that my husband borrowed the money at a certain bank, but had he received interest (which was overdue) he could have paid for it. ' I am not taking exception to any of the questions that were asked at the Pensions Department Office, as I understand that is the usual procedure with applicants; but it seemed to sting hard. I thought to myself "Charity —surely not meant for me." My husband has £2OOO invested in first mortgage on a good farm. There have now been just on- two years of the most prosperous times ever known, yet up to date not one cent of interest has been paid. Mr Savage has promised that all people shall share in the Dominion's wealth. Then why is it that some interest could not have been paid to mv husband? Surely he is justly entitled to it, with high prices for wool and other produce. Many other people are placed just as we are, and if the Labour Government does not wake up it will be weighed in the balance at the election, and found wanting. There is far too much injustice, which causes many heartaches. My husband and myself are both gettin" up in years, and are feeling the effects of hard toil. Now we are landed in this plight. We have reared a family and educated them, and now moving on towards the end of the road, are faced with financial worry. Our hard-earned capital is invested, and we have to sit back and take the pill just as it is given—no difference, it sems, in Labour's administration.— Yours, ect., DOWNHEARTED. February 3, 1938.