MORTGAGEE’S PLIGHT

Dominion, Volume 29, Issue 220, 13 June 1936, Page 4

MORTGAGEE’S PLIGHT

Legislation of Past Four

Years

Dominion Special Service.

Dunedin, June 12.

Difficulties which have been created by much of the recent legislation, especially in its effects on trustee comemphasised to-day by Mr. W. E. Reynolds in his address at the fifty-second annual meeting of the Perpetual Trustees Estate and Agency Company. ‘•I feel justified in saying,” Mr. Reynolds stated, “that for four years past, we have been living through days of financial changes and under innumerable difficulties of unprecedented character resulting from the drastic legislation which it was considered necessary to enact, to meet the past and present-day needs of the Dominion. As a result many and varied have been the changes and adjustments which we as a company have been called upon to meet. To-day it would appear that we are to be subjected to Still further far-reaching legislation, the effect of which upon our company and its clients both directly and indirectly we cannot as yet estimate. Meanwhile the position warrants me. I think, in impressing upon both shareholders and clients alike the fact that your directors, management and staff cannot be held responsible for the curtailment of powers or changes in conditions which may be enforced upon them by prevailing conditions and by the Legislature. We cannot but endeavour to work with the curtailments and conditions so enacted to the best of our ability.

“It is generally agreed,” Mr. Reynolds continued, “that mortgagors, and farmer mortgagors in particular, have passed through difficult times, and that because of low prices for farm products many farmers have been unable to meet their commitments. The great majority of mortgagees are conversant with the conditions that have prevailed, and are reasonably well disposed toward the farmer in his efforts to rehabilitate himself. We do not find mortgagees at all willing or anxious to exploit the position, but rather the reverse. Nevertheless it can safely be said that in some instances the mortgagee has not had the treatment he was justly entitled to, and that some portions l at least of the mortgage legislation have inflicted injustices upon him. Investors have rights to protect, and are entitled to have those rights reasonably safeguarded.” Messrs. James Begg and E. G. Kerr (Timaru) were re-elected directors, and the appointment of the Hon. W. Downie Stewart to the board was confirmed.