MORTGAGE MEASURES

Evening Star, Issue 22413, 10 August 1936, Page 12

MORTGAGE MEASURES

LEGISLATION ABOUT READY COUNTRY TO HAVE TIME TO STUDY [From Our Parliamentary Reporter.] WELLINGTON, August 10. It is the intention of the Government to introduce its mortgage legislation at the earliest possible moment so that the House and the country will have the opportunity of studying its provisions, which will affect every section of the community. The Prime Minister (Mr Savage) stated to-day that the Bill was practically ready, and would probably be introduced this week. It, was not his intention to proceed with the measure immediately, as he desired to give everybody the opportunity of becoming conversant with its provisions. Mr Savage emphasised that the guaranteeing of a price for dairy farmers was only part of the plan for rehabilitation of the dairy industry, and the whole effect of the Government’s plans would not be manifest till the mortgage operation was brought down. Discussing mortgage generally, Mr Savage indicated that it was not the Government’s intention, after the primary producers had been restored to a normal basis, fo allow conditions in the future to operate which would bring about the financial embarrassment that had been experienced by the producers in the past. One of the chief aims of the Government was to prevent land speculation. That could be brought about by taxation.

“ Whatever form of taxation is necessary to take for the community what belongs to the community will be carried into effect,”

Asked if it was likely that the guaranteed price for dairy produce would be extended to include other forms of primary produce, Mr Savage said other forms of primary produce would be brought under the marketing scheme as soon as possible, but that did not mean to say that it would be done this session. There was no need to worry about wool, for instance, at this stage, but the other primary industries were anxious to be brought in. That would be attempted as early as possible. “ It looks to me as if we have as much as we can carry for one session,” he remarked. “We are pledged to the electors and to the primary producers to guarantee prices and a decent standard of living.” Asked when it was likely the Minister of Finance (Mr Nash) would be leaving for England, Mr Savage replied that it might be in October. Mr Nash would be free to go as soon as the legislation he was interested in was working smoothly, and his Treasury obligations were completed.