MORTGAGES ON FARMS.

New Zealand Herald, Volume LXII, Issue 18942, 13 February 1925, Page 7

MORTGAGES ON FARMS.

Sir, —I have waited since Fob* ruary 3, thinking that someone who can write better than I would contradict a statement made by Sir Harold Beauchsmp in the New Zealand Herald of that date. Ho said that "the monetary conditions of the Dominion in 1924 were of such a character that an extension of the moratorium was not warranted; that money was in ample supply and borrowers who were able to offer a reasonable margin of security had no difficulty in arranging tcP mortgages at rates ranging from 6 to 7 per cent." I have good reason to know that this statement is "utter nonsense," for I hare been trying to raise a £4OOO loan to replace a first mortgage on n first-class farm in the Waikato for some months, and have failed to do so. although there is ample security. Indeed, it never came to the question of whether the security was good, for although I have had tlie best-known solicitors in Auckland and the Waikato trying: to get it. for me, none of them was able to do so. If Sir Harold Beauchamp, or anyone else, is,, able to get it for me, I am willing to give even over' the percentage he says' and give them procuration fee as well, rather than lose the farm, which I will do unless the mortgagee is generous. My address may. be, had from the Herald office. One has only to read the financial columns of the Herald to see how absurd Sir Harold's statement is. Take Monday's issue; there is ,£2OOO wanted oil first mortgage, land security valued at £5500, interest 7 per cent., procuration fee £IOO. Would anyone offer £IOO procuration fee on £2OOO if money was ia "ample supply." Dairy Farmer.