PRINCIPLE APPROVED

Evening Post, Volume CXIX, Issue 30, 5 February 1935, Page 11

PRINCIPLE APPROVED

DISTRUST OF CONTROL

(By Telegraph.—Press Association.)

CHRISTCHURCH, This Day.

The mortgage finance proposals of the Government were the subject of a long report by a special committee, which was adopted by the Canterbury Chamber of Commerce tonight.

In summarising its conclusions the committee stated:—

"The committee approves the broad principle of the proposals that the State shall ,make it possible for private enterprise on sound business lines to provide long-term mortgage finance as cheaply as possible and that a merger of three Government Lending Departments shall take place under the, same .organisation. It also approves of the plans being organised for the gradual liquidation of that farm finance which is frozen, so long as fairness to those who have paramount legal rights is recognised and maintained. It considers, however, that these two conditions of soundness and fairness should be firmly established by the Government' calling to its aid in drafting the proposed legislation those whose experience and training qualify them for the task."

The committee expresses in several places in the report distrust of any proposals to give the Government or the Minister of Finance control over the policy or funds of the Corporation.