THE MORATORIUM

Hawera & Normanby Star, Volume LXXIV, Issue LXXIV, 22 August 1919, Page 8

THE MORATORIUM

STATEMENT BY SIR FRANCIS BELL.

WILL BE EXTENDED A YEAR

(BY TELEGRAPH —PRESS ASSOCIATION.) WELLINGTON, Aug. 21. A deputation from the Chamber of ; Commerce and Society of Accountants I ■waited on Sir Francis Bell with reference to the Mortgages Extension Act. Sir Francis Bell said his idea was to extend the whole operation of the Act until December 31, 1920, but all morttages would not fall due the same j ay. Practically every mortgage which ' had Been in force in 1914 had expired and been renewed. . Apart from that, the sliding scale proposal had been carefully considered by himself, and he thought if they would consider it fully they would find it would be unjust in i operation. Mortgages would remain current until December, 1920. unless the Supreme Court gave power to call up the principal. He could not give an answer at once to the provision for charging a penal rate .of interest, in replying to a question said that he thought he could agree to charging of a penal rate under certain circumstances.