SANCTITY OF CONTRACT.

New Zealand Herald, Volume LXIX, Issue 21117, 26 February 1932, Page 12

SANCTITY OF CONTRACT.

Sir, —It. is' refreshing to rear! "Sine Nomine's" criticism of "P.N." and others. After propounding that it is unjust for one party to a contract to tako advantage of changed circumstances, "P.N." does not proceed to illustrate his proposition from the creditor's point of view. Why not a bonus for the mortgagee in good times? No, I think "P.N.'s" theory of the justice of tl»c matter is one-sided, because, apparently, it is intended to lie applicable only for the benefit of the debtor, lfo appears to assume that tlie parties intend conditions, or at any rate conditions governing tho value of money, to remain constant. Personally, I think "the average man enters into a monetary contract in much tho same spirit as he takes a wife: for better or for worse. Perhaps lie does not anticipate adversity, but he should bo prepared for all contingencies. This is the true spirit in which all burdensome engagements should he undertaken. Novotlieloss, in advocating the sanctity of contract, one docs not imply that a debtor should be precluded from seeking by petition what ins creditor as an act of grace may bo prepared to concede. Relief should, and generally will, be granted voluntarily if it is deserved. "The quality of mercy is not strained." While criticising "P.N.," I feel that he is actuated by the spirit of the times, a spirit which, unfortunately, is fostered by the paternalism which pervades all modern social legislation. Instead of being encouraged to be selfreliant in these times of depression, our people are, in Sir Api ran a Ngata's apt words, "hamstrung with humanitarinnisin." Modicus.