FARM AND OTHER MORTGAGES

Evening Star, Issue 22798, 5 November 1937, Page 16

FARM AND OTHER MORTGAGES

WORK OF REVIEW COURT OVER HALF-MILLION WRITTEN OFF [Per United Press Association.] WELLINGTON, November 4. In the course of a statement issued to-day the Minister of Justice (Hon. H. G. R. Mason) said that at the end of September all commissions under the Court of Review, which administers the Mortgagors and Lessees Rehabilitation Act, had received 15,589 applications in respect of farm properties and 18,884 applications in respect of other properties. Of these 1,409 farm and 2,492 others were withdrawn, and voluntary adjustments made in 185 of the farm applications and in 435 of the others. After hearing the applications the commissions made adjustments in 919 farm applications and in 1,745 others. The principal sums payable were reduced in 522 and 821 cases respectively, and arrears of interest were remitted in 512 farm and 575 other cases. The rate of interest was reduced in 933 farm cases and 1,894 others. Rent under leases was reduced or remitted for 116 farms and 21 other claims. At the end of September 11,623 farm applications and 11,882 others had not been dealt with. In all, the sum of £509,879 was written off farm mortgages and £170,090 had been written off mortgages on properties other than farms. Arrears of interest totalling £158,452 on farm property had been written off, and £47,256 written off other properties. Rent on farm property was remittee to the extent of £18,332 and an aggregate amount to £2,588 on other properties. Debts due to . unsecured creditors amounting to £82,878 on 307 farm properties and £4,611 on 84 other properties were written off.