First Critical Broadside

Evening Star, Issue 21945, 4 February 1935, Page 7

First Critical Broadside

Commercial Interests Rake Government Proposals Dubbed Unsound and Dangerous The first concerted attack on the Government’s mortgage finance proposals takes shape in a public statement issued under the aegis of the Associated Chambers of Commerce by a committee authorised after n national conference of commercial and financial interests, and having the unanimous approval of that conference. It is a heavy metal broadside, directed first against the proposal to establish a National Mortgage Corporation, which will alter the present system of rural and urban finance; and second, against the measures planned for the rehabilitation of farmers’ finance. The fir'i section of the statement.the Mortgage Corporation, is given below; the section dealing with farmers’ finance will be published to-morrow evening. Their separate consideration is insisted upon by the committee, which definitely states that the proposals are not interlocked, the Minister having informed it that two entirely separate Bills arc to be presented to Parliament. In summary, the statement on the Mortgage Corporation scheme avows that its establishment is not necessary, and its success dubious; and further that the proposals are unsound and dangerous and it submits alternative suggestions. The particular interests represented at the conference were the Associated Chambers of Commerce, the Associated Banks, the New Zealand Life Insurance Offices Association, the New Zealand Law Society, the■ Stock-Agents’ Association, the New Zealand Fire and Accident Underwriters’ Council, the New Zealand Investors' Protection Association, the Building Societies Association, and investment companies.

mortgage indebtedness when it became due.