RURAL MORTGAGES

Evening Post, Volume CXIX, Issue 73, 27 March 1935, Page 6

RURAL MORTGAGES

THE ADJUSTMENT BILL1

DEBATE ON SHORT TITLE

, The debate on the short title of tha Eural Mortgagors Final Adjustment 1 Bill was continued in the House of Representatives, after Labour and Independent members had protested against being asked to debate tha measure without knowing what amendments the Government proposed .to make to it. The Minister of Finance (the Right Hon. J. G. Coates) said that the first instalment of amendment* would be introduced later in the Bitting. . *;;■

The Leader of the Opposition (Mr. M. J. Savage), protested against the methods adopted by the Government for the discussion of the Bill. Tha House was waiting for amendments, and) he could not see how members could discuss the first clause without know*! ing what those amendments were. Although the Government had had threa months to prepare the Bill the House was still waiting for the decision ot the caucus. '' The Hon. W. Downie Stewart (Go., vernment, Dunedin West) asked tha Minister of Finance if the valuation proposals in the Bill bad been considered by experts in the Valuation De*. partment. The personal factor entered into the valuation proposals, and the position might arise where a group of! properties would vary in value because of the varying ability of the owners. Men of long experience in valuation had told him that the process act out in the Bill was quite unworkable. Was the system laid down in the Bill to be applied to local body valuation? he asked. Mr. W. E. Parry (Labour, Auckland Central) said that the House hid been told by the Prime Minister that the business of the House would finish last week-end. They were now told that the House was to sit for another two weeks. The time had arrived when-the attention of the people of the country. should be drawn to the way the work, of the House was done. Did the Mini ister in charge of the Bill know what was to be put in the Bill?. A section of the House, almost as strong as the Government, did not know anything about it, although members were expected to discuss the Bill. The.Gov* eminent was not agreed in. its own; ranks and, consequently, could not give a lead to the House or the' country.

The Prime Minister (the Right Hon. G. W. ForbesJ said the short title had been discussed for a long time, and th« Government wanted to make, some progress, because there were other clauses. that would lead to a good deal of discussion.

Mr. A. S. Richards (Labour, Ropkill)S Are the amendments ready now?

Mr. Forbes said deputations were stilt being received by the Minister of? Finance.

The Rev. Clyde Carr (Labour, Tim« aru): From caucus.

If they continued as they were going,l Mr. Forbes said, the Committee stages of the Bill would take twelve months; He appealed to the House to get on toT where they could do some real work?' on the clauses. Mr. Carr said the members could not, vote on the short title without know-! ing what was in the Bill. . THE STAY OBDES SYSTEM. ' » Mr. Coates said that he had made * < careful study of the stay .order system! in New South Wales, and he found! that it had the approval of the far-, mers concerned. There were many farmers in New Zealand who did not > realise how expenses should be kept! down. - . ■ , , • ■ Replying to an interjection, Mr,, Coates said that accumulated unpaid j rates would rank as ah unsecured debt. I The provision regarding the paymeneof rates referred only to current does; which would be a first charge on the profits of the farm. , , ■ '. Mr. F. Lye (Government;' Waikato?. said that there might be a number of independent fanners who would pre-i fer to struggle along alone rather thai* come under the provisions of the Bill. However, those fanners might, because.: of quotas or other unforeseen ctrcum- ■■ stances, find themselves in difficulties after twelve months had passed. Would they' then be able to apply for, and secure the protection of the mea-: sure? Mr. Lye asked. He did not think j that they would be able to do so, and I if that were.so some alteration should j be made in the measure to protect such! cases. _, ' ■ :, .;; The Minister ,of Finance said that if* a farmer had not applied to comeundepj the Act within twelve months : the' Mortgagors Relief Act still applied. Mr. W. J. Poison (Government;, Stratford): Would-he come under thai, relief provision?

Mr. Coates: No; that is where Fart 5. of the Bill, dealing with the 20 pee cent, equity, would come in. :Mr. Coates added that he would rather leave the matter there until the amendments were introduced. ' '■ " In reply to a question, the Mutate* said that mortgages, could still b« ob. tamed at a very reasonablfj price. Money was being inverted at 4,4}. and 4} per cent. The Committee divided on the short title, which was retained by 33 votes to 23. .