ADJUSTMENT BILL

Greymouth Evening Star, 16 March 1935, Page 7

ADJUSTMENT BILL

COALITION & COMPROMISE WEEK-END EFFORTS [SPECIAL TO “STAB.”] WELLINGTON, March 15. With the House in adjournment until 2.30 p.m. on Tuesday, leaders of the Government and their economic advisers have a long week-end in which to consider the reconstruction of the Mortgagors Final Adjustment Bill before its re-submission to members of the Coalition. The Bill, with whatever amendments Mr. Coates has decided upon, will be placed before the party at the Cau-cus-which has been- called for Tues- ' day morning. If'the measure is accepted its second reading wil begin in ■the House on Tuesday afternoon. That at all events, is the intention but when supporters of the Coalition dispersed to-night, there was no evidence available that outstanding differences had been composed, or they were likely to be. Lobby speculations XV ere that .the future of the Bill could still be regarded as a matter'of uncertainty and it was predicted that the determining factor would be the Caucus on Tuesday. There was some good-natured Opposition banter in the House, when Mr. Forbes, in reply to a question by Mr. Savage, announced the intention of the Government to take the second reading of the Bill on Tuesday afternoon. Labour members, with full knowledge of the Governments difficulties over the measure pleasantly asked: “Are you.ready?”, while one consolingly suggested that “It was all right now.” - . x This well meaning interjector was obviously speaking without the book, and his comment was certainly not or the inspired variety. He did not realise thei< were members, proceeding to the# constituencies for the week-end, still entirely unconvinced by tjiei arguments and advocacy of the Counsel for the Government,’ as the Ministerial advisers have been dubbed and that in certain circumstances plain speaking would greet the Ministers at Tuesday’s caucus. , x One of the group of Coalitionists opposed to the measure in its Present form declared to-night, that the objectors were sufficiently strong to influence the Government to alter its plan regarding the Bill. “The Finance Minister will have to meet our pre sentations,” was his prediction. Outwardly the least concerned of all about the apparent contretemps is Mr. Coates, who, to-night, when informally discussing the nnoeared quite cheerful on the out- * look The general view in Ministerial cycles as far as it can be gauged, is back bench reactions to the Proposals of the Bill are normal reactions, and that the Government has noth! g serious to worry about. It Is claimed that considerable progress has been made in overcoming, the ° b3e^ tio ” B ’ and the prediction is. made m the same quarter that by the end of next week, members of the party . back in. line in ?ther sections How Aver this belief is regarded as being too optimistic to be convincing and is likened to a hoy whistling in the shadows, to fortify his courage. .

LOCAL BATES QUESTION; WELLINGTON, ! March 15. The opinion of the Wellington C ty Solicitor hap been obtained by the Council on the Rural Mortgagors Final Adjustment Bill. He points • out what he says is also an o™ lB * loll “? the Mortgage Corporation Bill-that no attempt has been made to deal with the questions that must arise on the death of the mortgagors during the moratorium. This might be got over by extending the definition of mortgagor to include the executor, administrator or trustee of the mortgagor, or any near relative, or person approved by the court purchasing from the executor, administrator or trustee of the mortgagor. The main matter, however, to which the City Solicitor directs attention is the rating : clauses, these being, he bays, a "frontal attack on the local authorities,” effectively postponing their rights to those of the first mortgagee, for - whom provision can be made under the amount of difference between the mortgagor’s equity as fixed under the statute, and the basic z value, as fixed under,, the statute. The position is really serious. This legislation affects directly what is indirectly effected by the Mortgage Corporation Bill, and it goes a- long way further.” In -the Solicitor’s opinion, the effect of the bill will be to deprive the local bodies of rates in the cases where the value of the property, estimated on its producing capacity, is not sufficient to meet the mortgages, and to provide a "nest egg” for each farmer mortgagee who is in financial difficulties. The poinion, as summed up by the Mayor of Wellington, means that rates, now a first charge on a property would become a last charge, and this was an indication of what might happen to the Corporation rates if the scope of the proposed Act was extended to the cities.