GRAVE ANOMALY
A SERIOUS HANDICAP
BANKS AND STATE MORTGAGES
“It is a grave anomaly and a serious, handicap to the country,” said Mr C. G. Jackson, at the October meeHiy’ of the Paeroa branch of Federated Farmers, when moving a remit that trading banks should .be permitted to pay off a mortgage to the State Advances . Corporation.
Mr Jackson, in moving the remit,, pointed out that the right existed when money was .advanced by anjr other lending institution.
Mr Jackson instanced cases where people who desired to rearrange their finances so as to enable further development or the making of imp?ovements or desired to expand their oper- • ations were unable to do so because- ; banks were not able to pay off thestate mortgage and obtain the security * which was a necessary party of commercial transactions.
Such a policy, said Mr Jackson, waspreventing many people from expanding production at the very time when it was so necessary to increase thenational income of the country. The remit was carried unanimously after discussion. x
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Bibliographic details
Hauraki Plains Gazette, Volume 60, Issue 4348, 27 October 1950, Page 5
Word Count
171GRAVE ANOMALY Hauraki Plains Gazette, Volume 60, Issue 4348, 27 October 1950, Page 5
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