MORTGAGE BILL.

Manawatu Standard, Volume LV, Issue 81, 4 March 1935, Page 6

MORTGAGE BILL.

PROGRESS TOWARD STATUTE BOOK. WELLINGTON, M.-rch 4. Ministers of the Crown agree that it will be some time yet before rural mortgagors can expect material benefit from the Mortgage Corporation Bill. It is still some distance from the Statute Book. After two parliamentary weeks’ consideration thirtytwo clauses, containing the most contentious proposals, have been passed through the crucial stage, but the remaining sixteen clauses also contain several snags which may hold members of the House in the eddies and whirlpools of political argument for the better part of this week. It is not likely, However, that the Government again will experience the shock of repulsing attack with only five votes to spare, as was experienced in a divisional test on the clause dealing with the share capital of the proposed corporation last week. So tar, over thirty amendments to the Bill have been proposed, but except for those standing in the name of Mr Coates, none of any vital consequence has been made effective. One feature of the debate so far lias been the peristsent manner in which Mr W. J. Poison has pressed objection to the inclusion of shareholder capital, and the non-representation of borrowers on the corporation’s board of management. He did not, of course, piny a lone hand on those points but his position as representative of the Farmers’ Union gave his prominent attitude more significance.

As regards immediate discussion, it is anticipated that before the Bill is through the House there will be much talk on clause 47, which deals with, the corporation’s liability for rates and taxes. And there may be a hold-up on the section dealing with the classes of securities to be transferred to the corfioration, particularly the provision reating to discharged soldiers’ settlement mortgages. Indeed, many members of Parliament as well as thousands of mortgagors are keen to kqow how borrowers of money from the State Advances Department for the building of homes in towns will fa-re under the Mortgage Corporation. No one yet seems to be very clear about their position and prospects. Meanwhile the House of Representatives can look forward to another exhausting period on legislative proposals designed to assist and to rehabilitate financially distressed farmers. Following on the Mortgage Corporation Bill will come, in good time, the Rural Mortgagors and Tenants Final Adjustment Bill —a complicated measure of many clauses, and certain to evoke prolonged a.rgument.