MORTGAGED FARMS

Pahiatua Herald, Volume XL, Issue 12312, 4 April 1933, Page 2

MORTGAGED FARMS

PROTECTION FOR OCCUPIERS. “That in the event of a .mortgagor not being able to meet bis interest, and failing to come to an agreement for reduction with the mortgagee, before the mortgagee can gain possession he must pay the mortgagor current value for the improvements effected by the latter, and once the mortgagee gains possession lie shall have no further claim on the mortgagor,” was a notice of motion presented by Mr R,. Bishop (Ohau) at the monthly meeting of the executive of the" New Zealand Farmers’ Union. The motion- was seconded by the chairman, Mr J. A. McLeavey, on the grounds that lew people would take over land at the present prices for produce. In the event of an improvement in prices, however, the mortgagees would be anxious to take over the land, and farmers would consequently require some protection. The matter was fully discussed, the general opinion being that the motion under discussion v\ as one of the most important considered by the union for many years. All* L. H. Best stated that probably 90 per cent, of the farmers today were defaulters, and lie was of the opinion that times would be still more difficult, and, much as he regretted to say it, land values would have to be lowered and mortgages brought down in keeping, and in view of future possibilities it would be wise to take some steps now toward the protection of farmers when times improved. The question of wool broking charges was also dealt with at length.