FRIENDLY SOCIETY FUNDS.
EFFECT OF MORTGAGORS BILL. Speaking in the House of Representatives, Mr R. A. Wright predicted that friendly societies and other institutions which invested, the funds of a vast number of members would be hard hit by the Mortgagors Bill. The position of the State Advances Corporation would also be affected. He presumed that it had £40,000,000 out on mortgage. When the Bill had finished with the corporation it would lose probably £5,000,000 and the taxpayer would be called upon to make up the loss. Mr Wright referred to friendly societies and insurance companies which held the money of working people and invested the funds in mortgages. The friendly societies throughout New Zealand had accumulated funds 3.mounting to nearly £5,000,000, and the interest received totalled £170,117, Those societies would be affected by the Bill, as many of the securities would be depreciated after being dealt with by the Court of Review.
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Bibliographic details
Manawatu Standard, Volume LVI, Issue 248, 17 September 1936, Page 8
Word Count
153FRIENDLY SOCIETY FUNDS. Manawatu Standard, Volume LVI, Issue 248, 17 September 1936, Page 8
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