Relieving the Mortgagor Of His Burden

Manawatu Times, Volume LIV, Issue 7298, 27 October 1933, Page 7

Relieving the Mortgagor Of His Burden

FARMERS’ UNION TO MAKE REQUESTS TO GOVERNMENT. Per Press Association. WELLINGTON, Last Night. Questions of rural finance, particularly tho methods oi relieving the present burden of the mortgagor, were discussed by the Dominion executive meeting of the New Zealand Farmers’ Union to-day. A series of resolutions were carried and will be presented to Hon. J. G. Cobbe by Mr. W. J. Poison, M.P., and Mr. Waito, The following three has been suggested as urgent amendments to present Acts -which should be consolidated and extended before the expiry of tho present legislation on December 31. That in order to make possible an equitable pooling arrangement between Commissions and Courts, the Act be amended to bind the holders of chattel securities, as well as land mortgages, and the mortgagor. That the Act be amended to ensuro that, when the Court is disposed to vary materially recommendations made by an Adjustment Commission, no such material alteration shall be made in the conditions on which relief is granted until the variations arc referred back to the Adjustment Commission for a. further report. That legislation bo enacted enabling the various Mortgagors’ Relief Commissions to recommend reductions in the principal vendor mortgages, in addition to those of interest, when considered advisable and reasonable.

Tho remaining clauses deal mainly •with 'the desire of the union to have some comprehensive scheme tor a reconstruction period. Members of the executive believe that some constructive scheme is urgently required, as many farmers arc very apprehensive of what may happen when the present legislation ceases. Mr. Poison’s Position Per Press Association. WELLINGTON, Oct. 26. Chief interest in yesterday _ afternoon’s discussions at the meeting of the Dominion executive of the New Zealand Farmers’ Union centred round the .Central. Reserve Bank Bill at present before Parliament, and the amendment Bill that had been announced by the president, Mr AV. J. Poison, M.P. A motion from tho advisory committee was presented recommending the executive to support the president’s amendment as being more in accordance with the expressed policy of the Farmers’ Union than the policy outlined in the Bill. After considerable discussion this was passed with an addition giving Mr Poison a free hand to support any other amendment advantageous to tho interests of the organisation if it were found necessary to do so. Mr. Poison said that the I*armors Union wanted control of the bank to be entirely in the hands of the State. But actually under the existing proposal the private shareholders might have six representatives against the State’s three. He had therefore suggested as a compromise to meet the Government that while there should be shareholders’ capital, the majority of the directors should be appointed by the State. What he had done, he said, was to take the responsibility of making a compromise which still maintained tho right of the State to control the bank. The amendment would not jeopardise the Bill, which he considered a vast improvement on the old one. He did not think tho Government would drop the Bill if the amendment were carried. The motion was carried with only one dissenting voice.