MORTGAGE PROBLEM

New Zealand Herald, Volume LXXI, Issue 21911, 21 September 1934, Page 10

MORTGAGE PROBLEM

PROPOSED CORPORATION COMMITTEE OF EXPERT* COMPILING INFORMATION H —J [BY E R -] WELLINGTON. Thuradaj The scheme propounded in the Budget for the establishment of a National S Mortgage Corporation has been referred by the Minister of Finance, Mr. G'oates, to an expert committee of departmental officers, who are now engaged in the compilation of the requisite information, particularly of a statistical nature.

The member of the committee are: Messrs. P. Verschaffelt (Public Service Commissioner, chairman), E. O. Hales (State Advances Department), J. Snoll (Public Trust Office), B. C. Ashwiq and G. C. Rose (Treasury), W. Robertson (Lands Department), and B. L. Dallard (Justice Department*

The last-named lias been appointed particularly to supply information regarding the results of the operation of > the mortgagors and tenants' relief login, lation.

The Budget announced that legisla. A tion incorporating the National Mort-"Il gage Corporation would be introduced next session. Inquiries to-day indicated t that it might bo possible to introduce legislation bearing on the subject thij session, but that has not yet been settled.- In view of the prospect mentioned earlier in the week of a special session of Parliament in February, it seems more likely that the legislation will not be introduced until then. • 9H BUSINESSMEN'S INTEREST " : fl INVESTIGATION TO BE MADE [BY TELEGRAPH—PRESS ASSOCIATION] WELLINGTON, Thursday The proposals made by the Govern, ment in regard to the establishment of a national mortgage corporation are to be the subject of an investigation by a sub-committee of the AssociatedChambers of Commerce, appointed at a meeting to-day of the executive of that body. Mr. H. S. E. Turner said the Budget statement had given only a genera! indication of the proposals, and the Minister of Finance had said a considerable amount of preliminary work x would be necessary in elaborating it. The matter was one that would require a good deal of investigation, said Mr. Turner, including the important point as to whether private enterprise was to carry on its mortgage business.

Advice that he was not at present in a position to state whether legislation extending the term of the Mortgagors and Tenants' Relief Act wouJd be introduced this session was eciven by the Minister of Justice, the Hon. J. 6. Cobbe, to the meeting. The attitude of the Government in respect of thd ing legislation, he said, would be en* tirely contingent on the trend of economic events.

The executive, which had made representations against any extension of the existing legislation, decided to take no further action in the meantime.