Mortgage Finance

Dominion, Volume 28, Issue 121, 15 February 1935, Page 13

Mortgage Finance

Sir,—No doubt the farmers are needing help badly at the present time, _ but, should Mr. Coates’s new Bill for assisting the farmers go through the House —and undoubtedly it will—how is it going to affect the unfortunate investor who has a very small sum, say, perhaps, £lOOO, invested at 5 per cent, or G per cent.? There are many hundreds of people who have saved a little and been, able to invest their savings, bringing them in £oO or £6O a year, it number of these people have to live practically on the interest they receive from their investments. Are they to suffer at the expense of the farming community? Surely one section of the community is entitled to. as much consideration ae another section. Air. Coaxes evidently forgets that thousands . of people have had their incomes considerably reduced in the last few years—many have' lost them altogether—but they do not get assistance from the Government or anyone else; they have to do the best they can. Now their incomes will probably be reduced further. Is this proposed legislation a fair thing?—l am, etc., INTERESTED. Wellington, February 13.

Sir,—Much correspondence has appeared in “The Dominion” recently re the above important subject. The Government is to be commended for the work already accomplished, particularly in the matter of reducing the interest rates. High rates of interest should not be tolerated. and tlie measures now proposed are in the nature of practical reform. The institution of the table mortgage in the State departments is a boon to thousands of mortgagors. It should be compulsory for all mortgages to be placed on this system—which is sound and just. And the humane consideration shown honest mortgagees in times like the present is certainly of the highest principle. Again, sir, may I congratulate the Hon. Minister of Finance for his broad-minded and practical way of solving one of the country’s most vicious problems.—l am, etc " CITIZEN. Wellington, February 13.