THE MORATORIUM.

Otago Daily Times, Issue 19250, 14 August 1924, Page 7

THE MORATORIUM.

LABOUR’S AMENDMENT. NEW CLAUSE ADDED. BIGHTS OF POSSESSION. (From Oub Own Coekesipondent.) WELLINGTON, August 13. A new clause has been added in which the general text of their previous amendment is reviewed in connection with the Labour amendment, to the Mortgages Final Extension Bill in the House of Representatives. The leader of the Labour Party has given notice of the party's amendment, which now reads (jurisdiction to grant extension orders) : “That clause 5 be deleted and the following new clause be substituted therefor: — (1) Tn respect of any mortgage to which this Act applies where a discharge has not been effected or a renewal has not been agreed to as between the Mortgagee and the mortgagor a revaluation of the lands and securities shall he made with the object of ascertaining the productive values of such lands and securities, and the taking over of such mortgages by the State on a basis of the values. The valuations shall be conducted by district valuation boards. Bach such board shall he constituted of one representative appointed by the mortgagees and one representative appointed by the mortgagors in the land district in which the land is situated, and three representatives (including the chairman) appointed by the Government.”

(2) ‘For the purpose of financing the transfers of the mortgages from the present holders to the State the Minister of Finance Is hereby authorised to raise whatever amounts may be deemed to be necessary provided that not more than £6,000,1000 shall be raised in any one year.’

(3) ‘The aggregate value of undischarged mortgages not taken over by the State shall be ascertained in the manner hereinbefore provided, and the moratorium shall be extended for whatever period may be necessary to enable the State to take over such mortgagees at a rate not exceeding £0,000,000 per annum.’ (4) ‘Any mortgagee, being a practical farmer, may appeal to a land court, which court shall be empowered to grant him possession provided that he shall satisfy the court that he bona fide intends to occupy and work the land, and also provided ttmt the mortgagor is allowed equitable consideration on account of deposits and other payments (not including interest) made in respect of the mortgage, and also for assessable improvements made during bis occupancy. Such land court shall consist of one representative nominated by the mortgagees, one representative nominated by the mortgagors in the lam. district in which the land is situated, and a judge of the Supreme Court, who shall be chairman.’

(5) ‘Where a mortgage remains undischarged, and has not been renewed or transferred to. the State, the mortgagor shall continue in possession on payment of a rate of interest not exceeding G per cent, on the value of the mortgage in reduced ratio to the capital value arrived at by the district valuation board, provided that the mortgagee may appeal to the land court for possession ns provided for in section 4, and further provided that at mistime the mortgage may be taken oyer by the State.’ ”