MORTGAGE CORPORATION.
BENEFIT TO FARMERS. Quoting in his speech at Colyton, last night, an example of the effect of the Mortgage Corporation Act in operation, Hon. J. G. Cobbe said there was no doubt the legislation had been the means of lessening interest charges. “Chatting in a Feilding street last week with a well-known farmer,” stated Mr Cobbe, “lie remarked to me that it was now not necessary for him to proceed with his application for a loan from the Mortgage Corporation. I congratulated him, remarking that I was pleased to know that he had made a satisfactory arrangement with the mortgagee who had been pressing him. The farmer, one of our representative men on the land, informed me that his lawyer had written the mortgagee, _ to whom the farmer had been paying Gj per cent, interest, paid quarterly, asking the mortgagee if he would renew the mortgage. To his surprise a reply came promptly from the mortgagee to say that lie would renew the mortgage at 4J per cent, interest, payable halfyearly,” concluded the Minister. “That is one of the happy results of the Government’s financial legislation—it encourages people to be accommodating.” (Applause.)
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/MS19351119.2.68
Bibliographic details
Manawatu Standard, Volume LV, Issue 302, 19 November 1935, Page 7
Word Count
194MORTGAGE CORPORATION. Manawatu Standard, Volume LV, Issue 302, 19 November 1935, Page 7
Using This Item
Stuff Ltd is the copyright owner for the Manawatu Standard. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in