THE MORATORIUM

Hawera Star, Volume XLVIII, 4 October 1924, Page 5

THE MORATORIUM

PARLIAMENTARY DEADLOCK. HOUSES APPOINT MANAGERS. (by telegraph—press association.) . WELLINGTON, Oct. 3. The difficulty over, the moratorium arising out of the disagreement between the House of Representatives and the Legislative Council regarding the Mortgages Final Extension Bill will be discussed by managers reprer senting each chamber. . fhe Legislative Council to-day appointed the Hon. Sir E. Mitchelson, the Hon. Sir John Sinclair, fhe Hon. V. H. Reed and the Hon. Sir Francis B®R a committee to formulate reasons why the Council insisted upon its amendments in the Bill, and after deliberation the committee reported the following reasons: (1) desirable that at the earliest possible date an accurate estimate should be obtained of the number of persons and properties affected bv the Mortgages Final.. Extension Act. " - (2) Such an estimate can only he obtained by requiring those mortgagors who desire extension to file their applications, and a postponement to March 31, 1925, of the limit' of time is unnecessary and undesirable. (3) Inasmuch as under the ’Bill the hlmg by a mortgagor of a motion for extension has automatically, the effect of preventing any exercise of the mortgagee s powers until the court can deal with the subject matter, nothing is gained in the mortgagor’s interest by a postponement of such filing In any case where a mortgagor has a iust claim for extension.

Two members of the Council voted against the reasons, preferring March 31 to December 31 as'a final date, but the reasons drafted were agreed to. Mr Massey presented to the House the reasons drawn up by the committee for disagreeing with the amendments made in the Bill. The reasons were that the amendments made, especially m regard to the dates for the exmrv of tyie moratorium, were not satisfactory, and would be exceedingly inconvenient to mortgagors, causing in many cases, considerable inconvenience.

The reasons were agreed to. In the evening a message Was received from the Legislative Council conveying its reasons for the amendments made in the Bill. Mi Massey moved that the reasons be disagreed with, and that a conference with,the Council be asked for Mus was agreed to, and Messrs C. J. ai 7 r ' w T * T^ r \ r^ ,0l ’^ es > J- Savage and W. F. Massey were appointed managers to represent the House at tiie conference.