RURAL MORTGAGORS

New Zealand Herald, Volume LXXII, Issue 22059, 15 March 1935, Page 8

RURAL MORTGAGORS

LEGISLATION DELAYED . % THE EQUITY PROVISION •FUTURE of bill uncertain [BY TELEGRAPH —SPECIAL REPORTER] WELLINGTON, Thursday' Points for and against the equity pro. vision in the Rural Mortgagors Final Adjustment Bill are still being debated privately between a section of the Coalition Party and members of the inter-departmental committee which has assisted the Minister of Finance, j Mr. Coates, in the preparation of the legislation. It is not expected the second reading debate on the bill will be begun before next week, and no further caucus of the party is likely to be held until some finality has emerged from the ctlrrent private discussions. The unexpected d*>lay in initiating the main debate on the measure in the Houbo of Representatives will almost inevitably result in prolonging the session until the end of the month. The possibility of consideration of .the bill being deferred until next session hag been mentioned in the lobbies. It ig believed the Government would be unwilling to delay final consideration of ithis question, which has been the main one befora the House since the resumption of the session a month ago. The likelihood that the next session will not open until July, and will be concluded earlier than usual in view of the general election campaign, is another factor ipaking it desirable that the bill should be dealt with this session, if at all. A considerable section of the Coalition Party is in favour of the equity provision being dropped altogether. "The 20 per cent clause will go," declared one prominent private member of the party to-night. "There is no need for it. The farmer who is worth his salt will be independent at the end of the five years. He gets his equity as he goes along in the form of his production from the land. "There is resentment among those who hold mortgages that at the end of the period the bill states, in effect, that 20 acres out of 100 acres on which he has ft mortgage shall go to someone 'else, and I can sympathise with that 'viewpoint, even though I am a fanner Vho has known adversity." The future of the bill is still uncertain. However, until there is some definite development in the direction of retaining, remodelling or dropping the section dealing with, the final adjustment of liabilities, with special reference to the equity provision, the political atmosphere, seems likely to remain quiescent.