FACING BAD TIMES

Dominion, Volume 24, Issue 62, 6 December 1930, Page 8

FACING BAD TIMES

Too Much Pessimism MORATORIUM UNWANTED Dominion Special Service. Christchurch, December 4. “We’ve had bad times before, but this time the people are all recognising the problems before them, and preparing to meet them. That seems to me the most hopeful sign at present,” said the Commissioner of Crown Lands, Mr. W. Stewart, when interviewed to-day. ‘‘Half the trouble,” he continued, “is caused by people becoming too pessimistic.” The Commissioner said that there had been considerably more applications for relief received from Crown tenants this season than was normal. The Minister could, he explained, either remit the regular payments or postpone them on the recommendation of the board in cases of absolute inability to pay—some natural disaster or what could be considered other sufficient cause.

“I hope indeed that there will be no moratorium,” he remarked. “It would not affect the Crown, but private mortgagees would suffer, and in the end it would only mean that the farmers would suffer, too.” As it was, where interest payments were regular, few investors who had their money in land were likely to withdraw ;t, but if a moratorium were enforced, all those other investors who might otherwise have invested in land would be certain to seek other investments. A moratorium would simply mean that the farmers would find themselves with less capital than ever.” \ He remarked that land prices had as yet varied little. There were, of course, fewer sales, and what there were were more difficult to make, but there was little drop in prices. The department had a few city properties on hand, but they were still selling steadily, though slowly, and during the last few months there had been practically no change in values.