NEW MORTGAGE LAWS

New Zealand Herald, Volume LXXIII, Issue 22580, 19 November 1936, Page 13

NEW MORTGAGE LAWS

FARMERS' DISSATISFACTION THE BASIS OF ADJUSTMENT [BY TELKGK.YI'H —OWN COUKKSI'ONDKNT] KAITAIA, Wednesday Dissatisfaction with the Mortgagors and Lessees Rehabilitation Act was expressed at a meeting of the. Awanui branch of the Fanners' Union. Alter a lull discussion tho following motion was carried: "That the Mortgagors and Lessees lleliabilitation Act is not acceptable to the farmers whom it is aimed to serve because: (a) the basis of adjustment is on a guaranteed price level which the Farmers' Union is agreed is unfairly low and in substitution of which the Farmers' Union favours the compensated price; no provision is made to restore or preserve farmers' equities in their farms; (e) 110 clear statement is made as tu the term reasonable remuneration for work performed by an applicant as used in the Act; Id; the iinely-adjusted straitjacket into which all applicants wiil be clamped is impracticable in application to an industry such as dairying, where annual fluctuations of as much as 20 per cent do occur owing to climatic conditions and stock diseases; (c) the Act presumes wrongly that farmers have failed in their job of production, whereas the failure is located in tho New Zealand money ratio to sterling. '**"•.i iiit the Government is also to be ' ked for a clear statement of its att ".do toward total derating of farm laru.J for reading purposes, as this is at 5.-resent a first charge on the land ard nust be dealt with before mortgage adjustment commissioners cap determine the basic value of farm land."