“LONG STEP FORWARD”

Dominion, Volume 28, Issue 168, 12 April 1935, Page 13

“LONG STEP FORWARD”

Mortgagors Act Defended By Independent MR. COATES’S GOOD WORK By Telegraph.—Press Association. Eltliam, April 11. At a very largely-attended meeting of farmers at Eltham, Mr. C. A. Wilkinson, M.P. for Egmont, declared himself pronouncedly in favour of the Mortgagors’ Final Adjustment Act, and commended the Act to the hearty co-opera-tion of all farmers. Many farmers, he said, apparently were not satisfied with the Act, but he considered it was a long step forward. However, it was anything but final, and determined efforts would be made to bring within its scope all mortgages and extensions of mortgages dated after April, 1931, especially long-term mortgages held by the Public Trust Office and other financial institutions. Mr. Wilkinson warmly commended the efforts of the Government to help to solve the farmers’ problems, and singled out the Rt. Hon. J. G. Coates and the Hon. Mr. Masters for special mention. No other man in the House of Represetnatives could have done what Mr. Coates had done. He had handled the Bill in masterly fashion and it was regrettable that in the face of opposition from some of his own followers he had to delete certain vital clauses designed to further relieve farmers. The speaker averred that he was not going over to Mr. Coates. The Government would probably strenuously oppose him (Mr. Wilkinson) if he stood again, but he believed in giving credit to the man who had done so much for the farmers of New Zealand during the past session. Mr. Masters had skilfully piloted the measure through the Upper House. Mr. Wilkinson also paid a compliment to the work of Mr. W. J. Polson, M.P., president of the Farmers’ Union, who had voted for the Bill. Replying to questions, Mr. Wilkinson foreshadowed the day when all farm mortgages would be abolished and farms would be sold for cash' only, any balance of unpaid purchase money to be unsecured and the vendor treated as an ordinary creditor, as there was nothing in the Act to prevent, the land being mortgaged up to the hilt again and the same old thing happening all over again. The speaker announced that the Government was preparing a special publication explanatory of the Act and its many intricate clauses. The meeting carried a vote of thanks to the Government for its attempt to solve the farmers’ mortgage problems. together with special thanks to all Taranaki members of the association.