FARMERS’ UNION

Patea Mail, Volume LIII, 11 March 1932, Page 4

FARMERS’ UNION

NEWS AND NOTES. CASES OF HARDSHIP.. Considerable doubt exists nt presentregarding the procedure to be adopted in order to bring a ease of hardship before an Adjustment Commission, appointed by the Government to examine eases of hardship under the Mortgagors' Relief Act. Legal advice, taken is of the opinion that an Adjustment Commission may with the concurrence of the Minister of Finance on application by mortgagor or mortgagee endeavour to promote a voluntary modification by the parties to any mortgage of their mutual rights and obligations. Under this provision the mortgagor does not have to wait until the mortgagee takes action to enforce the powers of the- mortgage and the mortgagor can himself originate proceedings for relief. The points for consideration by each Adjustment Commission are:— (a) The effect of the continuance of the mortgage upon the security thereby afforded to the mortgagee. (b) The inability of the mortgagor to redeem the property either from his own moneys or by borrowing at reasonable rate of interest.

(c) The conduct of the mortgagor in respect of any breaches by him of the covenants of the mortgage.

(cl) Any hardship that would be inflicted on the mortgagee by the continuance of the mortgage or upon the mortgagor by the enforcement thereof. (c) The extent to which any default by the mortgagor has been caused by any economic or financial conditions affecting trade or in industry in New Zealand. RURAL INTERMEDIATE CREDIT BOARD. The following figures show the steady growth in the business transactions of the Rural Intermediate Credit Board since its inception:—

(a) £32,21K) worth of business foi year ended Juno 30, 1028.

(b) £273,2-11 worth of business foi year ended June 30, 1029.

(c) £590,210 worth of business foi year ended June 30, 1930. (d) £810,301 worth of business foi year ended June 30, 1931. The position generally with regard to loans granted by the board cither direct or through co-operative rural intermediate credit associations is very satisfactory, and the repayments from borrowers arc in the largo majority of cases proceeding regularly.- Where, however, borrowers have been unable to make the required repayments the board has been willing to grant concessions on very favourable terms to enable the borrowers concerned to carry on during the present! difficult period. What is considered a desirable improvement in the administration of the Rural Intermediate Credit system relating to further advances was recently approved by the Central Board in Wellington. The previous practice required all applications for further advances to bo dealt with by the Central Board, or in certain cases, the district boards. As many of the further advances were required to meet essential seasonal expenditure, such as, c.g., the providing of winter feed, shearing, and harvesting expenses, the board has delegated subject to certain conditions, the (power to grant such further advances to committees of its district boards, and to district intermediate credit supervisors, where it is essential for the amounts required to be advanced if the borrowers arc to be permitted to carry on for the ensuing season. CERTIFYING RYEGRASS SEED. Since the Department of Agriculture introduced its scheme for certifying ryegrass seed the demand has been greatly in excess of the supply, with a consequent increase in price for the three grades for which certificates are issued. These grades arc:

(1) N.Z. Perennial Rye Certified Mother Seed.

(2) N.Z. Perennial Rye Certified First Harvest Seed.

(3) N.Z. Perennial Rye Certified Permanent Pasture Seed.

Recent inquiries made by the Department of Industries regarding price were confined to Wellington merchants, who obtain supplies of (1) and (2) from seed merchants in the Hawke’s Bay and Poverty Bay districts, and (3) to some extent from seed merchants in Canterbury. Wellington merchants have been paying seed merchants in these districts the following prices:— ,

For No. 1 Seed, 20s per bushel of 201 b.

For No. 2 Seed, 18s Gd per bushel of 201 b.

For No. 3 Seed, 12s Cd to 15s per bushel of 201 b.

And have been selling as follows: —

No. 1 Seed, 22s to 25s per bushel No. 2 Seed, 21s Gd per bushel.

No. 3 Seed, 15s to 17s Gd per bushel.

These profits arc regarded as reasonable and no exception can be taken to them.