STRONG OPPOSITION

Poverty Bay Herald, Volume LXII, Issue 18661, 22 March 1935, Page 8

STRONG OPPOSITION

MORTGAGE BOND BILL UPPER HOUSE DEBATE (Per Press Association.) . WELLINGTON, last night. In the Legislative Council the debate was continued on the second reading of the Mortgage Corporation of New Zealand Bill. . ~ , • The Hon. M. Fagan said the position of the farmer was not entirely due to the depression, but was attributable to extensive gambling in land between. 1917 and 1929. He said be would oppose the bill at every stage, as it submerged and destroyed valuable State lending departments. . ■ ■. The Hon. 0. J. Carnngton said he could not support the bill-unless it was altered in certain directions. He considered other means could have been devised to meet the difficult situation. _ The Hon. W. Hayward said the bill must be accepted as the considered opinion of the majority of the members of the House, and as such was entitled to careful consideration, but ho was prepared to say that the legislation was both unnecessary and .dangerous.; the Hon. D. Buildo said no countrv could afford to neglect agriculture. It was essential that .something should be done to stabilise farm mortgages in New ZenlamL , „ 4 . The Hon. V. Ward said the State Advances Department would continue to function under the corporation, and would carry out the department's original function of lending money to workers and settlers at a low rate of interest. The Council then adjourned.