STRONG CRITICISM

Evening Post, Issue 29, 4 February 1935, Page 10

STRONG CRITICISM

GOVERNMENT PLAN

ANALYSED

Strong criticism is levelled at the Government's proposals for the establishment of a National Mortgage Corporation and for the rehabilitation of farmers' finance in the findings of a committee which was set up as the result of a national conference of commercial and financial interests called by the Associated Chambers of Commerce. The committee's 'report, which was released today, examines we whole scheme exhaustively, and expresses the opinion that it is possible to readjust mortgages finally without creating the proposed Corporation.

The particular interests represented at the conference were the Associated Chambers of Commerce,, the' Associated Banks, the New Zealand life insurance offices, the New Zealand Law Society, the Stock Agents' Association, the New Zealand Fire and Underwriters' Council, the New Zealand Investors' Protection Association, the Building Societies' Association and investment companies, and the statement which has been issued is a unanimous expression of their views. The committee regards the rehabilitation proposals as "unsound, unjust, and dangerous," and believes that justice can be done to all parties concerned, including the farmer mortgagor, "without wholesale repudiation of contracts, and without the unjust discrimination against one class of the community—the farmers' creditors."

The full statement is published on page 13 in today's "Post."