THE MORATORIUM

Nelson Evening Mail, Volume LVI, 4 October 1924, Page 5

THE MORATORIUM

HOUSE AND COUNCIL

(From our Parliamentary Correspondent)

WELLINGTON, This Day,

Iu the House of Representatives yesterday afternoon, Mi- E. A. Ransom (Pahiatua) addressed a question to the Prime Minister regarding wliat Sir Francis Bell had said in the Legislative Council on the Mortgages Final Extension Bill.

The question was ruled out of order at the instigation of the Prime Minister, on the ground that Mr Ransom was quoting from a newspaper report of a debate in ‘'another- place.” Mr R. Masters (Stratford) gave notice to ask the Prime Minister whether in the event of a deadlock occurring with the Legislative Council over the Mortgages Final Extension Bill, he would appoint sufficient Legislative Councillors this session to ensure that I lie wishes of the House were complied with. (Laughter). The Prime Minister: “I will do notiling of the sort.” (Laughter). The Prime -Minister brought up the report of the Committee appointed In the House to prepare those reasons for disagreeing with the Legislative Council’s amendments. The report was as follows:

“That the amendments made by the Legislative Council in the Mortgages Final Extension Bill, especially in regard to' the dates for the expiry of the moratorium, are not satisfactory, and will be exceedingly inconvenient to mortgagors, causing in many cass considerable hardship.” ' Mr W.D. Lysnar (Gisborne) remarked that there was no money to pick up these mortgages. That point should be stressed to the other House. The evidence before the Finance Committee was that none of the -banks would advance money for the moratorium, and they could not represent anyone who would. He was credibly informed that the Public Trustee had all liis commitments made for the next twelve months, and could not make any advances. The Advances to Settlers’’ Office was in a little worse position, applicants being told that their appointments could not be considered for the next twelve or eighteen months. The Prime Minister said that matters financial were not quite so bad as -Mr Lysnar represented. Air Lysnar : “Pretty well.” The Prime Minister said that no doubt -there were difficulties. If theqe had not been it would not have been necessary for liim to borrow U-e £1,125,000 .for the settlers. He 1 had been officially informed this morning that authorisations for about £646,000 had already been made available for settlers requiring capital. The money was for settlers, and settlers only. He had already called ispeial attention to the fact that the new money would be required to meet the needs of those settlers who might have difficulty m meeting the moratorium. The Minister of Lands (the Hon. A. D.' M‘Leod) announced that he was going to make a -statement to the Press informing soldier settlers that they should reply to notices sent out bv the Commissioner of Crown Lands ‘U order to get some indications in regard to meeting payments. Where soldier settlers stated that they could only pay small amounts generous treatment would be extended in every case.

LEGISLATIVE COUNCIL’S GROUNDS FOR DISAGREEMENT

WELLINGTON, This Day. In the Legislative Council the grounds upon which the Council insisted upon its amendments to the Mortgages Final Extension Bill were set out .by 'the Committee set up for the purpose ;as follows:—• ■ (1)- It is desirable that at the earliest date -an Accurate estimate should be obtained of the number of persons and properties affected by the Mortgages Final Extension Act. -(2) Such an estimate ' can only be obtained by requiring those mortgagors -who require extensions to file their applications. A postponement to 31st March, 1925, of limit of time is unnecessary and undesirable. ' ■ (3) 'lnasmuch as under the Bill the filing by a mortgagor of a? motion for extension has automatically the effect of -preventing any exercise of the mortgagee’s powers .until the Court can deal with the subject matter, nothing is'gained ill the mortgagor’s interest by'a postponement of such filin'- in r -any base where a mortgagor has a just claim-for extension, ; The Hon. Mr Newman and another member -of the Council voted against the reasons drawn,up by the Comjnittee as they preferred 3ist March to 31st December as the final date. The reasons were adopted, however, on a vote -being taken. When the Legislative Council’s reasons were reported to the House last night, they wore a-t once disagreed with, and the Prime Minister, Messrs Parr, Forbes, and Savage were appointed Managers to confer with the Council’s managers on the points at issue.