MORTGAGE FINANCE

Evening Post, Volume CXIX, Issue 35, 11 February 1935, Page 10

MORTGAGE FINANCE

MR, COATES'S REFUSAL

TO MEET COMMERCIAL MEN

DANGER OF HASTY ACTION

"We understand from a statement in the Press by the Minister of Finance— which is the only form of reply; we have had from the Minister to. the letter we forwarded him—that he is not prepared to take up the suggestion made by the commercial and financial committee responsible for the recent statement on the mortgage finance proposals that lie arrange a. conference between his staff, the committee, and representatives; of the New Zealand Farmers' Union' for a round-table discussion of the whole problem," said the secretary of the Associated Chambers of Commerce of New Zealand, Mr. A. O. Heany, after a meeting of the committee today. - "My committee very sincerely regrets that Mr. Coates has not "been able to take-advantage of the offer of the committee to co-operate further in the manner, the committee suggested. My committee feels very strongly thai such a conference as it proposed could undoubtedly have found some solution to the difficult problem of rural finance, because such a conference would have had available to it the wide experience of all classes of the community who have been facini? .this problem during the last few difficult years.: SHOULD BE INVESTIGATED. "Admittedly the time remaining before Parliament meets is very short, but legislation by Parliament on such an important subject should very definitely await the full investigation beforehand of all aspects of the problem, even if an investigation necessitated the adjournment of Parliament. Such an investigation might well produce a system devoid of the objectionable" features of the proposed legislation. ■ .■-■"■■■•■ /■ "It is true, as the Minister of Finance says, that the last word has not been said on the subject. - The final proposals of the Government will not be known until the Bills are brought down in the House, but the present proposals willhave to bear evidence of having undergone far-reaching changes if they are to meet'on level ground the constructive and responsible criticism that has been' made. 'The greatest danger is that Parliament will legislate in haste; that it will not adequately examine alternative courses of action that have been put forward: that it will place on the Statute Book legislation which has been framed on theory, and which has failed to - stand the test of practical opinion: and that thereby it will do injustice to many people." ;