ADJUSTING MORTGAGES

Hawera Star, Volume L, 6 February 1931, Page 3

ADJUSTING MORTGAGES

FARMERS’ UNION DISCUSSION

COMMITTEE SET UP

As the outcome of the special meeting held by the Farmers' Union district executive last week, a leport on the question of the adjustment of mortgages was submitted to the executive meeting yesterday and the personnel of the proposed committee announced.

-Mr .J. Cocker, referring to the matter, spoke of a resolution passed by the Eltham branch on the subject. The text of the motion was as follows: “That, having considered the present economic situation, the branch is of the opinion that a readjustment of mortgages, interest, rents and wages is necessary as from a date not later than March 31, 1931. That the Government set up a competent board in each district to classify mortgages and introduce legislation to deal with the classification, which should be in .three categories: (a) Mortgages that will bear interest on average production and current prices after allowing for reasonable working expenses; (b) those that will bear interest on average production and prices after allowing reasonable working expenses ; (e) those that will not bear interest on average production and normal prices after allowing reasonable expenses.”

Mr Cocker said this might sound somewhat revolutionary, but a special meeting -of his executive Jiad carried the motion unanimously. The economic position. lie added. demanded something drastic because they heard of men being driven oil' their farms, and the union would he failing in its duty if it did not do something to avoid this if possible. It was true, he •said, that the economic Jaw righted matters, but it took a. long time and meantime men were being forced off the land. He quoted eases such as that where a man had paid £4O per acre off a farm and was likely to go off. He stigmatised such cases as “legalised theft,” and said such a

| man had no right to be forced to give lup the land and Government should intervene. The situation, he added, was too serious and it was a question that must appeal to the whole country. They might set up a committee of competent men. well able to deal with the question, hut unless they had statutory powers they could do nothing. It was up to the Dominion executive to put the matter strongly before the Government. Mr Cocker urged that all phases of the mortgage must be considered and committees must he set up in each district. He said that he was ootimistic enough to believe that prices were not going to remain down, but also' felt certain they would never go up to lis 9d. Each case should lie reviewed and considered on its merits, but the fundamental idea should he that no man should he pushed off his farm who had a chance of paying his way under ordinary conditions. War measures had once been necessary and now drastic action was required. A committee consisting of Messrs Cocker, A. L. Jennings and W. E. Carter was set up to go into the question and bring down a report.