WHEN MORATORIUM ENDS.

Manawatu Times, Volume XLVI, Issue 2694, 12 July 1923, Page 5

WHEN MORATORIUM ENDS.

NO FINANCIAL DISTURBANCE MR PARR REASSURES DOUBTING. LIBERALS. FEAV MORTGAGES CALLED UP. (From our Parliamentary Reporter.) WELLINGTON, Last Night. Within the last few days, several members have urged that the Government should ascertain what amounts are held under mortgage in the Dominion, in order that it might be possible to estimate what the position will be when the moratorium ends. In replying to Liberal criticism during the financial debate to-day, Mr Parr declared that there was nothing like £1(10,000,000 in mortgages sheltering- under the moratorium. Mr Wilford: "No one said that." The Minister: "Oh, yes they did." Mr Wilford. "I don't think you know." (Laughter). The Minister said he had no doubt that larffe aumbcr of mortgages were affected by the moratorium, but. at an outside estimate he considered that only half the number of mortgages might be fc\\ affected. As long as a man paid ills interest, he was not interfered with, but if he. fell into arrears, then the moratorium had no effect. It was clear that the great majority of mortgagors to-day wcio paying their interest and the lifting of the moratoilum would not affect the situation very seriously. There were sufficient iff Mie country to suable an.V man to finance at a moderate rate Of interest. The man who was looking 18 months ahead, and fearing the lifting of the moratorium was most often the man with little or no capital, who in recent years had gone in for an estate, costing thousands of pounds and had loaded himself up to the nook with mortgages. He knew of a case where a man had bought a property for several. thousands of pounds and had put down only £4OO cash. That man was feeling anxious about the moratorium. Who was to blame? Mr E. J. Howard: "The Government." "You cannot nurse fools all the time," "replied the Minister. "If the moratorium were lifted to-morrow, I believe that In 75 per cent, of cnsc3 (iu> mortgagee would not ask for his nrorrey. Tie does not want it. 110 wants security. The steps outlined in the Budget would be quite sufficient to meet the situation. By means of generous advances -the, Government was coming to the aid of people who had reasonable security.