THE MORATORIUM

New Zealand Times, Volume XLVII, Issue 10964, 28 July 1921, Page 5

THE MORATORIUM

EXTENSION REQUESTED DISCUSSION BY FARMERS’ UNION CONFERENCE. VARIOUS VIEWS. At the annual I'onfnreno© pf the New Zealand Farmer*’ Union yesterday Mr II E. Russell (Hawke’s Bay) moved: —‘That owing to the main primary products of the Dominion being at present practically worthless, the Government be asked to extend the moratorium for such further period as it may consider necessary after December 31st. 1921, more especially with respect to fixed mortgages.” Mr H. J. State (Blenheim) seconded. but said lie thought there should be some protection for people who had lent money on fixed mortgage; that should earn the current rate of interest. Mr D. Bates (North Canterbury) moved thus amendment: “That this conference approves of some measure of Government supervision over the nudit . of corporations and financial institutions accepting deposits from the public.” Mr Bates favoured an extension of the moratorium till our exports again showed New Zealand to he in a prosperous condition. This wne not accepted as an amendment. but as a separate resolution. Mr A. E. Harding (Mangawhare) said that no financial concern should be allowed to accept deposits unless these were seenred by liquid assets. The oowntrv could have "been saved from its present position bv discouragement of these concerns from accenting deposits. It was the opinion of Air C. K. Wilson (Piopio) .that the moratorium had been handled by the Government better then other matters, and this was 'because it had its financial experts to advise it. The conference was hardly competent- to deal with this subject. According to Captain Colheck (Morrinsville) many farmers were sheltering behind the moratorium. Mr W. Bailev (Sumner) said that men who sold their farms to go to the war invested their money, and now that it could not be obtained wero suffering hardship. Mr W. W- Mulholland (North Canterbury) moved as an amendment that the following words be added to the motion:—“But that the onus of proving that the rate of interest is too nigh be on the mortgagor.” This amendment was heavily defeated, and the motion was carried. Mr Bates’s motion was then defeated.