ADJUSTMENT OF MORTGAGES

Press, Volume LXXIV, Issue 22465, 28 July 1938, Page 12

ADJUSTMENT OF MORTGAGES

PROGRESS REVIEWED BY MINISTER NEARLY £5,000,000 WRITTEN OFF [From Our Parliamentary Reporter.] WELLINGTON. July 27. Figures illustrating the progress ot mortgage adjustment to June 30 last were given by the Attorney-General (the Hon. H. G. R. Mason), in an interview to-day. The Minister said that the aggregate amount written off either by reduction of mortgage or the writing off of interest and other debts, was £4,846,118. The total number of applications filed was 34,477 comprising 15,592 in respect of farm mortgages, and 18,885 others, and of these 25.805 had been dealt with as follows: Withdrawn —7036. Voluntary adjustments—lß9s. Disposed of after hearing (including induced voluntary adjustments)—l6,B74 The number of cases remaining to be dealt with was 8517. The total amount written off farm mortgages so far was £2,767.914, while £640,997 had been written off other than farm mortgages Arrears of interest remitted in respect of farm mortgages totalled £634,134, and of other than farm mortgages £132 174. Extensions of mortgages had taken place in 13,555 cases. The rate__of interest had been reduced on 11,865 mortgages, and rent had been reduced in 1102 cases. Arrears of rent remitted reached £156.669 in respect of farm leases, and £5282 on other than farm leases. Debts owing to unsecured creditors had been written off to the extent of £488,948, and the total amount so far written off in all directions was £4,846,118.