MORTGAGE LEGISLATION.

Manawatu Standard, Volume LVI, Issue 200, 14 July 1936, Page 2

MORTGAGE LEGISLATION.

PROVISION FOR READJUSTMENT Per Press Association. WELLINGTON, July 13. “A Bill providing for the readjustment of all mortgages on the basis of the guaranteed price for dairy products will be one of the first items to come before the House when it resumes next week,” said the Primo Minister (Rt. Hon. M. J. Savage) m an interview to-night. “It is the Government’s intention that tho legislation should deal with all mortgages.” Air Savage said, “whether they apply to dairy farms or not. However, it is our desire to havo tlio legislation passed as soon as possible. as the guaranteed price scheme for dairy products will come into operation on August 1 and mortgage leadjustment will complete the picture for the time being, at any rate, as tar as the dairy farmer is concerned. “AVe are giving the dairy’ farmer a stabilised income, and we aim also at providing him with stable land values. In doing that we aro not robbing a.nyone. No mortgages who liolda a farm mortgage can hope to get out of that mortgage more than the land can produce. If we base mortgages on the guaranteed price, the result generally will be justice to all parties. Occasional anomalies may arise, but they can bs attended to in due course.”