MORTCAGES EXTENSION ACT.
. SLIDING SCALE SUGGESTED. WELLINGTON, August 21. A deputation from the Wellington Chamber of Commerce and the Society of Accountants waited on Sir Francis Bell (Attorney-general), recommending a sliding scale under the Mortgages Extension Act, and that mortgagees should have the right to charge a minimum rate of interest of 6 per cent, on a mortgage claiming protection. Sir Francis Bell said August 31 was fixed for the expiry of the Act. Before that time the expiring Laws Continuance Act would come into operation and extend it for a year, and during that year the Government would proceed to legislate. His idea was to extend the whole operation of the Act until December 31, 1920. A sliding scale proposal had been carefully considered by himself, and ho thought that if they would oonsidev it fully they would find, it could be unjust in operation. He could not give an answer at once. As "to the provision for charging a penal rate of interest, in replying to a question Sir Francis Bell said he thought he could agree to the charging of a penal rate in certain circumstances.
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Otago Witness, Issue 3415, 29 August 1919, Page 49
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189MORTCAGES EXTENSION ACT. Otago Witness, Issue 3415, 29 August 1919, Page 49
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