MORTGAGORS RELIEF ACTS

Nelson Evening Mail, Volume LXX, 25 May 1936, Page 8

MORTGAGORS RELIEF ACTS

CRITICISM AT CHRISTCHURCH (United Press Association) CHRISTCHURCH, 22nd May. Some hard words were used by speakers at a meeting of the Mortgagees’ and Investors’ Association tonight to describe the treatment mortgagees had received through the legislation passed by the National Government. There were about 75 present, and after several speakers had emphasised the need for action to protect mortgagees in the future, the following resolution was passed unanimously: ‘‘That because of the unjust and tyrannical treatment received from the late Government through the Mortgagors Relief and Adjustment Acts," this meeting of the Mortgagees’ and Investors’ Association is of the opiinon that representation should be made to the Prime Minister and his Government by a deputation from the central executive in Wellington, setting out, among other things— (1) a desire for representation on the adjustment committee; (2) a desire to have a voice in arranging the method of arriving at tne true valuation of properties; (3) a request that in any inquiry both parties should disclose all their resources; and (4) a desire to get a fair and square deal generally speaking for the mortgagees, who, under the late Government, were ignored.” Explaining why the meeting had been called, Mr T. Buxton, who presided; said people were becoming afraid of what the Government might do about taxing those with resources. “The Government has said it is going to value mortgages on the basis of a guaranteed price,” he added. “How it is going to do that, we are not at all sure, but what is going to happen if there is a discrepancy between this ascertained value and the present value? We consider mortgagees should not have to lose that money. All we are asking for is justice for both parties.”