THE MORATORIUM.

Otago Daily Times, Issue 19198, 14 June 1924, Page 7

THE MORATORIUM.

GOVERNMENT’S NEW PROPOSALS. AN EXPLICIT STATEMENT. (Fbom Due Own Coeeesrondent.) WELLINGTON, June 13. The report of the Prime Minister’s remarks at Auckland on (he moratorium as printed did not. make the position quite clour. Aaked to-day for a statement as to what was actually proposed, Mr Massey was good enough to explain the position to your correspondent. Mr Massey said the original Act passed after the outbreak of war in 1914 was repealed in 1919, and a new Act was passed in that year. With certain amendments that Act is . still in force, but expires on December 31 next. In the. 1914 Act and the legislation since passed (boro has been provision to enable the mortgagee to apply to the Supreme Court for exemption from tho restrictions on t.lio enforcement of rights in any special circumstance. and there has been in each Act an indication of tho grounds upon which the Supreme Court might grant such relief to a mortgagee. The court has been empowered if the hardship on the mortgagee is greater than that which the mortgagor would suffer to permit tho mortgagee to enforce his right under the mortgage forthwith. A Biil is now being prepared for consideration during the coming session empowering u Supreme Court judge upon the application of the mortgagee to extend on special grounds the date for payment of tho principal money beyond tho end of (ho present year. Except; in cases where 1 lie Supremo Court upon special grounds makes such an order the whole process of restriction of the rights of tho mortgagee will terminate at the end of (ho year. The Mortgages Extension Acts will cease to operate cxeepr, only in regard to special cases in which the mortgagor is able to prove to the satisfaction of the judge that hardship exists, in which case the judge will bo empowered to grant a limited extension. The process of application will he made inexpensive, and Inc proceedings will he conducted in Chambers.