MORTGAGEES' INTERESTS

New Zealand Herald, Volume LXX, Issue 21404, 31 January 1933, Page 5

MORTGAGEES' INTERESTS

PROTECTIVE MEASURES CHRISTCHURCH ASSOCIATION A constitution and rules were adopted at a meeting of the Mortgagees' Protection Association of New Zealand, held in Christchurch last week, Mr. H. G. Parish, of Oxford, who presided, said that the object of the association was not to turn farmers off the land but to assist the mortgagees and put the land in a better state than it was to-day. Mortgagees had found that the last 12 months had been a very difficult period owing to mortgagors being secured by firms such as auctioneers and being thus in no position to meet their obligations i,o mortgagees. He considered that such an association would allow both sides to come together and to get to know each other better. Mr. Parish referred to the scheme brought forward by the Chamber of Commerce and said that it would have to bo altered. In his opinion balance-sheets and accounts should bo kept by an outside accountant so as to bo fair to both sides. It this were done, satisfaction would be obtained; at present such could not be said to be tho case.

The secretary reported that an association had been formed in Auckland, mainly by tho leading lending institutions. In Dunedin similar steps had been taken and a meeting was being held in Wellington to consider what action should be taken.

THE WAYS OF CEYLON