CITY LEASES.

Dominion, Volume 3, Issue 893, 12 August 1910, Page 2

CITY LEASES.

WIDER LENDING POWERS ASKED " ' ■' FOR. Representatives of tho lessees of corporation, Harbour Board, and other public bodies' leases waited on Sir Joseph Ward yesterday, and brought under notice the necessity. ,of amending the Trustee Act and widening the field /of operations of the Public Trust Office and the State Life Insurance Oltice so far us tlw lending of money is concerned. Mr. F. j(j. Bolton, stated that practically 200 people were, interested .in the matter. ■ The deputation askeil chiefly that the lessees of land from any public body (where tho lease' was a perpetual one) should be put in the same position, 'in. regard to the lending. of' money so far. as the Public Trust and State Life Insurance Departments' were concerned, as they were with, the State Guaranteed Advances Department. The . latter had power to lend up to three-fifths of a lessee's, interest—the . other two Departments had authority to lend on freehold only. Under the Trustee Act, while trustees, were, authorised to lend on freehold aiid Crown leases, they . were not entitled to lend on public bodies' leases, such as those in Wellington, which were infinitely more valuablo than any Crown' .leasehold. 'An amendment of the Act authorising trustees to lend on city leases would be in the interests of mortgagors and mortgagees. The heads of the city, the Harbour Board, and the Hospital Trustees endorsed the'suggested' amendments.

The Prime Minister said he would look into both matters before giving a definite reply. At-the same timb, he said that at the moment ho saw no reason why the Trustee Act. should not be' altered in the direction asked, or why tho Public Trust Office and the Life Insurance partment should not have their powers extended .as requested. After looking into tho matter, lie would .make a public statement on both points. ;—i—■—! /