PARLIAMENT

Otago Daily Times, Issue 22999, 30 September 1936, Page 10

PARLIAMENT

YESTERDAY’S PROCEEDINGS LEGISLATIVE COUNCIL fPer United Press Association) WELLINGTON, Sept 29. The Legislative Council met at 2.30 p.m. Fourteen days’ leave of absence was granted Sir R. Heaton Rhodes on account of illness. Tributes were paid to the memory of Mr A. F. Hawke, a former member of the Council, and the Council adjourned for half an hour. Upon resumption the debate was resumed on the Mortgagors and Lessees Rehabilitation Bill.

Mr Vincent Ward said he thought the Bill a good one and he hoped it would be in the interests of the country Mr J. M‘Leod said a gambler in land was very often the farmer himself. He did not disagree with the objective of the Bill, which carried on a principle that had been established in the last two or three years The legislation was hardly necessary Mr C. J. Carrington opposed f he Bill, which he said meant nationalisation. He asked that there should be a revaluation of land in New Zealand on the productive value. He thought the Bill went tpo far. Mr H. A Russell said he was of the opinion that the plan underlying the Bill was State Ownership of land and the nationalisation of industries. The Bill would take away the freehold from the individual and invest the land in the State. The debate was adjourned at 5 p.m. EVENING SESSION The Council resumed at 8 p.m. Mr W. Perry said the mortgagee was bound to lose some of his money and the mortgagor was bound to gei some benefit. If primary produce prices rose the mortgagor got the benefit of the increase, but the principle sum advanced by the mortgagee would have been reduced, and that amount by which it had been reduced from the ooint of the mortgagee would have gone and there should be some provision by which the mortgagee would get the benefit of any increased values » The Leader of the Council, Mr M Fagan, said th Bill was going only one more step in the direction that had been followed by Governments down the ages, and the legislation would apply to doating charges and debentures that were exempted under the 1933 Act The Government would considei all cases and make exemptions only where they were justified The motion for committal was agreed to on the voices. In committee Mr R. M’Callum moved an amendment to make the Bill apply only to mortgages executed before April 17, 1933, the date of the passing of the previous legislation. The amendment was defeated by 19 votes to seven. Mr Perry moved an amendment to the effect that where the mortgagor applied for a reduction of interest the vote should not be reduced to less than that charged by the State Advances Corporation. The amendment was defeated by 17 votes to nine and the Bill was passed. The Council adjourned at 11.10 p.m.