Mortgage Adjustments

Northern Advocate, 29 July 1938, Page 2

Mortgage Adjustments

[Special to “Northern Advocate .”] WELLINGTON, This Day. In an interview yesterday, the Attor-ney-General, the Hon. H. G. R. Mason, gave figures illustrating the progress of mortgage adjustments up to June 30. The Minister stated that the aggregate amount written off, either by reduction of mortgage or by the writingoff of interest and other debts, was £,846,118. The total number of applications filed was 34,477, comprising 15,592 in respect of farm mortgages and 18,885 ethers. Of the total, 25,805 had been dealt with, as follows: —Withdrawn, 7036; voluntary adjustment, 1895; disposed of after hearing (including induced voluntary adjustments), 16,374. The number of cases remaining to be dealt with was 8517. The total amount written-off farm mortgages so far was £2.767,914, while £640,997 had been written-off other than farm mortgages. Arrears of interest remitted in respect of farm mortgages totalled £634,134, and of other than farm mortgages £152,174. Extensions of mortgages had taken place in 13,555 cases. „ The rate of interest had been reduced cn 11,865 mortgages, and rent had been reduced in 1102 cases. Arrears of rent remitted reached £156,669 in respect of farm mortgages, and £5282 on other than farm mortgages. Debts owing to unsecured creditors had. been writtenoff to the extent of £488,948, and the total amount so far written off in all directions was £4,846,118.