MORTGAGE BILL

Evening Post, Issue 36, 12 February 1935, Page 10

MORTGAGE BILL

CAUCUS DISCUSSION

PRINCIPLE APPROVED

AMENDMENTS LIKELY

The provisions of the National Mortgage Corporation Bill were discussed at a caucus of Government members today. The Government's proposals were explained by the Minister of Finance (the Rt. Hon ; J. G. Coates), and a number of members took advantage of the opportunity of discussing various points and making, suggestions as to possible amendments. The Prime Minister (the Rt. Hon. G. W. Forbes) stated this afternoon that caucus had discussed ■ the provisions of the Bill, and it was proposed to continue the sitting this afternoon. Mr. Forbes added that it was intended to introduce the Bill at tomorrow's sitting of the House, after which the House would probably adjourn until Thursday, when the second reading of the Companies (Bondholders ' Incorporation) Bill would be commenced. Mr. Forbes said that no effort would be made by the Government to force the mortgage legislation through the House, although he could give no indication of the time that would be devoted to the discussion of its provisions. That would depend on ' the course of events next week. It is understood that the discussion today covered a very wide ground, practically .every phase of.-.-the Dominion's economic life being touched on. There was general agreement oh the principle of the Bill, it is believed, but on questions of detail some suggestions were advanced. ' Since it was first drafted the Bill has undergone some: changes in detail, as a result of representations made to the Government, and it is possible that it will' be altered still further before it makes its appearance in the' House. One important matter that appears to be unsettled: is whether there should be outside . shareholders or whether the Corporation should' be- a purely State institution, controlled by State directors. Probably caucus will be asked to give an expression of opinion on.this point. Some eight members of the Coalition Party were absent from the caucus deliberations this morning, but no special significance attaches to that fact. Every member not present was accounted for.