THE MORATORIUM.

Hawera Star, Volume XLVIII, 18 June 1924, Page 12

THE MORATORIUM.

OPPOSITION TO EXTENSION. Opposition to the extension of the moratorium proposed by the Prime Minister is voiced by metropolitan journals. The New Zealand Herald states that hnahty will once more lie removed to a distance, arid that no good purpose may be served to either mortgagees or mortgagors by the proposal. The Otago Daily Times says: ‘‘The moratorium has already been in operation for ten years, and mortgagors who have taken advantage of it and have been unable or have neglected, to make any adequate preparation against the time of the withdrawal of the protection they have enjoyed under it will, generally speaking—whatever may be said in special cases --have no great cause to complain of hardship when the time comes for the effluxion of the legislation. . . . We are not <at all sanguine that it is going to help mortgagors in the long run. They committed themselves in many cases to bargains which were extremely foolish, and on the strength of these bargains they contracted obligations which it was impossible for them to discharge unless they were favoured with good luck so exceptional as to be beyond the likelihood of realisation. They victimised themselves, and it may he rendering them no great service to postpone the day when they must submit to the loss which they courted.”