THE MORATORIUM.

New Zealand Herald, Volume LXI, Issue 18814, 15 September 1924, Page 5

THE MORATORIUM.

Sir,—The fact becomes more obvious daily that we are governed by politicians and not by statesmen, and that laws are made hot so much for the good govern--ment of New Zealand, or for an honest endeavour to do justice to all men, as they are with the object of gaining voles at the election, and retaining power for a further term. Were it not so, we should not be treated to the spectacle of a Prime Minister who says first:," The moratorium will not be renewed after December 31. of. this year," and a few weeks after says: ''The Government has made provision for mortgagors io apply to Court for a further extension which shall not extend beyond December 31, 1926." All others will cease to re- ~ ceiye the benefits of the moratorium. Then Mr. Witty suggests in Parliamosnt that March 31, 1925, would be a better day for the termination. Mr.. Johnson, solicitor, ppinteckdut that December 31 t :- 1924, practically meant March 31, 1925 i as three months' notice must be. given by the mortgagee before he can eali in his money. Then Mr. Massey adopts March 31, i 925, but states that • this date is final and, if need be, legislation will be introduced making it final, and repealing anything to the contrary. Then it is /allowed' to be referred io the Public Accounts Committee, who return it itfth the suggestion that though the last iday for putting in application for relief will be March 31, yet mortgagees shall be Jrecluded from taking any action till uly 31, With the avowed objact of giv- ( ing the next Parliament an opportunity of still further extending the moratorium. This is an open invitation to every mortgagor to apply to have bis case heard, so as to swell, the volume of those seeking extension, and they are further encouraged to do this by another recommendation of the same committee, to the effect that each party must" pay his own costs! So, however glaring the evidence that certain mortgagors had no earthly right to ask for extension, instead of being fin«d. i'or attempting such a thing, they have not to pay one farth-ing-of the costs the inortgage.ee has been put to to prove they had no right.. Is it criminal to lend money on mortgage ? If not, is there any further injustice that can be perpetrated on the mortgagee ? How does the politician receive. .* these recommendations of the committee ? With deep regret, but accepts them! How would a statesman receive them. ? He would say " being thoroughly convinced that any further extension of the moratorium will do more harm than good, I refuse to hear of any extension, and will stand or fall by that declaration." There must be many members of the Liberal Party who are quite convinced that uay continuance of the moratorium is prejudicial to the «best interest of this country yet they make it s party measure, and will vote with Labour against their convictions .if only thereby they can succeed in getting a majonty againstthe present Government. AH parties outbid each other to show the farmer who is his best friend-at the expense of the. mortgagee; and they.are so «^ to.the result that they cannot see that their r-MTipdv is worse than the dise&o*. and SiS it more difficult every day to get financial assistance for a o 231, Parnell Road. J- Jhobnes.