"ECONOMIC BLIZZARD"

Evening Post, Volume CXIX, Issue 151, 28 June 1935, Page 5

"ECONOMIC BLIZZARD"

CLEARING UP THE H/VVOC

(FT-om "The Post's" Special Reporter.) PALMERSTON N., This Day.

Ah address on the Rural Mortgagors' ?Final Adjustment Act was given to delegates attending the National Dairy Conference, yesterday afternoon by Mr. W. H. Cunningham, of Wellington,, solicitor to the National Dairy Association of New Zealand, Ltd. . Mr. Cunningham said he thoughMhe latest Act was of considerable interest and importance in regard to the finances of the dairy industry. The report of the Dairy Commission showed that quite a large percentage of dairy farmers were in serious financial straits. It was desirable that directors of dairy companies should understand the Act and be in.a position to pass on useful information to their suppliers. Since April, 1931, eight a statutes had been1 passed dealing with relief for mortgagors. '.An analysis of the provisions of the various Acts indicated the force with-which the economic gale, was blowing at ■ the particular time they were passedl Gale force had been reached in May, .1932, when the National Expenditure Adjustment Act was put through Parliament. The. most recent statute might be regarded as having been passed at a time when the main force of the economic blizzard had subsided, its chief obiect being to nrovide means of clearing up some of th<? financial havoc. Mr. Cunningham dealt briefly with the purposes of the c"''"1 Acts before massing on to, a more detailed examination and explanation of the provisions of the latest Act. He said he thought the success of the statute would largely deppnd on the wav in which the Court of Review and. Adiustmoent Commissions were able to cromote, satisfactory arrangements amont; the earlier cases that came before them. If they were fortunate enoueh' to promote satisfactory and just arrangements, quite possibly the Act might prove a very useful; statute in^ o<="l-