MORTGAGE LEGISLATION

Nelson Evening Mail, Volume LXVI, 22 October 1935, Page 4

MORTGAGE LEGISLATION

' ACTION BY ASSOCIATED CHAMBERS OF COMMERCE EFFORTS TO SECURE AMENDMENTS The largest single undertaking by executive during the year, and, indeed, the largest single piece of work “yet performed by tlie association, was in connection with the Mortgage Corporation of New Zealand Bill, and the Mortgagors’ Final Adjustment Bill, introduced by the Government. The sub-committee of executive which had the matter in hand, first met in November of last year, and collated what information was available in view of tlie fact that the Government’s Bills had not then been brought down. . The sub-committee, finding it difficult to deal constructively with the subject owing to the lack of knowledge of the Government’s proposals, sent out a preliminary memorandum to various interests concerned with mortgages, inviting them to a round table conference with representatives of the Associated Chambers. In tin? interim, an explanatory pamphlet regarding the plans concerning mortgages which the Government proposed to translate later into legislation, was published by the Minister of Finance (the Rt. Hon J. G. Coates). In response to the invitation by the Associated Chambers, a conference was assembled privately, attended by representatives of the Associated Banks, the New Zealand Life Insurance Offices Association, the Stock and Station Agents ’Association, the New Zealand Law Society, the Council of Fire and Accident Underwriters’ Associations of New Zealand, the New Zealand Investors’ Protection Association, the Building Societies Association, and investment companies. This conference was probably the most representative of commercial, financial and investment interests yet held in New Zealand. The conference set up a committee, with the representative of the Associated Chambers, as chairman. This committee in turn set up a drafting sub-committee, and numerous progressive memoranda were prepared from time to time. The committee had two, private interviews with the Minister of Finance to discuss the Gov ernment’s proposals, and after subsequent deliberation prepared an exhaustive memorandum to which all interests represented on the committee fully subscribed. This statement strongly criticised the. proposals of the Government and offered constructive alternative proposals wherever » criticism was made. After unsuccessful attempts _ had been made to secure a further interview with the Minister of Finance, tlie memorandum was released by the com mittee to the public Press, and was published in extenso , besides which copies were printed and supplied to members of Parliament. The committee again sought a further inter view with the Minister of Finance- to give all the assistance possible, but the offer was "declined. In addition to its work on its maul memorandum, the committee, issued subsequent comprehensive memoranda upon the appearance of the Government’s Bills in the House, and during the cohr.se of Parliamentary discussion on the measures. A number of special 1 articles, dealing with various aspects of the Government’s proposals, was prepared and issued to the Press the Associated Chambers. The whole work of the committee represented intensive effort by the committee and the Associated Chambers over a period of five months, and the executive recorded its appreciation of the great amount of work perforated, which, although it failed to secure an adoption by,the Government of the alternatives proposed by the committee resulted in a number of important and fundamental amendments being se-. cured in the two bills before they became law.