The Hawera Star. SATURDAY, JULY 19, 1924. THE MORATORIUM.

Hawera Star, Volume XLVIII, 19 July 1924, Page 4

The Hawera Star.

SATURDAY, JULY 19, 1924. THE MORATORIUM.

Delivered eTery tuning Dy 8 o’clock in Hawera, Manaia, Normanby. Okaiawa, Eltbam, Mangatcki, Kaponga, Awatuna, Opunake, Otakeuc Manutahi, Alton, Ilurleyville, Patee, Waverley, Mokoia, Wbakamara, Ohang&i, Mereaere. Fraser Road, and

Probably none of the Bills to be dealt with by Parliament this year will arouse more widespread interest in this district than the Mortgages Final Fixtension Bill which was introduced into the House of Bepresentatives on Wednesday, and of which our Wellington correspondent telegraphed a precis for Thursday’s paper. From, tlie text- one can see that the Government’s intention is to give relief in eases where mortgagors can show good cause for an extension of their mortgages for two years, and it is proposed that a Supreme Court Judge sitting in Chambers shall be the arbiter. The moratorium was decided upon in war-time in order to prevent a dangerous situation which appeared likely to arise, and in those days Parliaments passed measures of a somewhat experimental nature, failing sometimes to see tliat good intentions might carry with them unseen difficulties. The Rent Restrictions Act was a measure based upon good intentions, but to it must be allotted much of the blame for the serious housing problem which arose later. The moratorium did act as a. steadying influence at first, but the long, continued operation of the Act brought numerous financial difficulties which it is the desire of the country to remove. At the same time the Government does not want the removal of the protection afforded mortgagors to cause hardship and loss, if means can be found enabling them to reach a sounder position. Tt is a difficult problem, but the opinion is widely held that the moratorium should be lifted as early as possible, so that the country can get back to a better state and money be released which has been tied up longer

than ulher\vise would have been the case. Obviously the removal of a protection at any time must cause some people serious anxiety, and it is to be hoped that the sympathy and reasonable treatment which the Government is striving to extend to those who may find themselves in difficulties on December 31 next will encourage mortgagees •wherever possible to extend to mortgagors similar practical sympathy. Opinion has been divided upon what the effects of lifting the moratorium will be. Some people think that it will cause extensive hardship; others that it will not. The Prime Minister is of opinion that the position after the moratorium has been lifted will not be nearly as difficult as some people anticipate. It is to be hoped that the Government is making the best provision to meet the situation, and that mortgagees will do what they can, wherever possible, to lighten the load of those who perhaps have met with misfortunes over which they have had no control. It will be interesting to learn the views of members when the Bill is discussed in the House, and no doubt if something considered by members to be better than the proposals contained in the measure is suggested the Government will be prepared to give it due consideration and to amend the Bill accordingly. The Bill will give members an ample opportunity of showing their knowledge of matters of finance and of bow best to deal with the difficult problem which has arisen through an Act passed in abnormal times with the best of intentions.