THE POSITION OF MORTGAGEES

Otago Daily Times, Issue 22065, 22 September 1933, Page 9

THE POSITION OF MORTGAGEES

TO THE EDITOK. Siß/ —Your report of the latest meeting of the Waitaki .Hospital Board reveals a staggering position so far as the financial stability of our Dominion is concerned. Mr William Forrester, a member of the board, stated, inter alia, that “ the Crown Land Board was wiping out all second mortgages, and the people concerned must realise that second mortgages were not worth the paper they were written ( on, and the Land Board would not allow tenants to pay a penny to mortgagees. It would be most interesting to know what authority this member has tfor making such a statement. If the position is as stated —and surely no sane public man would make such a statement without having reliable information —then it behoves us all to take stock of where we are. _ The motion to which Mr Forrester was speaking as seconder met 'with the unanimous approval of the Land Board, ana no exception was taken to the damning statement made regarding the position ot mortgagees, which means wholesale repudiation on the part of the mortgagors at the instigation of the Land Board, me Labour members of the board must have had some qualms of conscience in passing such a statement in view of their party s recently adopted policy which guarantees “ Conservation of present holders interests in land and homes by readjustment (not repudiation) “ of all mortgages on ft basis of average prices for the past seven years.” Messrs Nordmeyer and Colquhoun showed no signs of strong sympathy with the board’s tenants, but, on the contrary, displayed an instinct for demanding the full pound of flesh. They disp ay but little sentiment for the finer feelings ot a man who might have been forced, but for the chivalry of Messrs Rodman and Ross, to make public his whole financial position.—l am, etc., elector. Oamaru, September 20.