FARMERS’ FINANCE.
MR. MASSEY REPLIES TO A DEPUTATION. (BY TELEGRO’ff —FHPas ASSOr , TATIO v > WELLINGTON, July 21. Replying to a Dairy Farmers’ Union deputation the Prime Minister referred to the moratorium, which was a diffieult question. The moratorium had been brought into operation to safeguard the interests of those having mortgages. Bte wanted to see it go as soon as possible, because the moratorium had had a bad effect on the money market in discouraging loans on broad acres. Much had been done by departmental officers to assist in arrangements between mortgagors and mortgagees. Mr. Massey thought that the provision proposed ‘in the Mortgages Final Extension Bill could be bettered, whereby a mortgagor would have the right to appeal to a judge of the Supreme Court ,in chambers, and if he could show that he had a chance of carrying on,. it would be for the judge to 'see that he got that chance, ihe appeal need not cost the man anything. The Premier also stated that he considered that no agricultural hank could do for the farmers what the State Advances Department was doing. present it was lending about £3,000,000 per annum, and could keep that going indefinitely, though he was unable to s ay whether he would be able to keen the interest rate clown to 4i per cent
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Hawera Star, Volume XLVIII, 21 July 1924, Page 7
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221FARMERS’ FINANCE. Hawera Star, Volume XLVIII, 21 July 1924, Page 7
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