MORTGAGE RELIEF

New Zealand Herald, Volume LXXIV, Issue 22878, 5 November 1937, Page 15

MORTGAGE RELIEF

WORK OF COMMISSIONS REDUCTIONS AND REMISSIONS REVIEW BY THE MINISTER [BY TELEGRAPH —PRESS ASSOCIATION"] ■WELLINGTON, Thursday In the course of a statement issued to-day the Minister of Justice, the Hon. IT. Ci. K, Mason, said that at the end of September all commissions under the Court of Review, which administers the Mortgagors and Lessees Rehabilitation Act, had received 15,589 applications in respect to farm properties, and 18,854 applications in respect to other properties. Of these, 1-109 farm and 2492 other applications were withdrawn, and voluntary adjustments were mado in 185 of the farm applications and in 435 of the others. Alter hearing the applications the commissions made adjustments in 919 farm applications and 1715 others. The principal sums payablo were reduced in 522 and 821 cases respectively and arrears of interest were remitted in 512 farm and 575 other cases. The rate of interest was reduced in 933 farm cases and 1891 others, and tho rent under leases was reduced or remitted for 116 farms and 21 other claims.

At the end of September 11,623 farm applications and 11,882 others had not been dealt with. In all £509,879 bail boon written off farm mortgages, and £170,000 had been written off mortgages oil properties other than farms. Arrears of interest totalling £158,452 on farm property had been written off, and £17,250 had been written off other properties. Rent on farm property had been remitted to the extent of £18.332, and an aggregate amount of £2SSS on other properties. Debts due to unsecured creditors, amounting to £82,878 on 307 farm properties, and £•1611 on 84 other properties, wero written off.