MORTGAGE CORPORATION

Poverty Bay Herald, Volume LXII, Issue 18662, 23 March 1935, Page 13

MORTGAGE CORPORATION

UPPER HOUSE DEBATE A MIXED RECEPTION ~ . j (Per.Preas.Associiifion.) ....... v.j . WELLINGTON, tbislday When the Legialatiw-Couneil met .to : day, >the-second reading debate oa the Mortgage Corporation of New Zealand Bill-was-resumed. - - . The-Mom-E. Davis welcomed the bill, which,-he. said, -would stabilise the .mortgage- system. There - was much idle land-in"-New Zealand, and cheap money would assist in its development. He thought that the inclusion ltd shareholder capital would strengthen public confidence so far as investments were concerned. . The Hon. R. McCalluin said there, had been much criticism against' the bill, but-if there was a better method ot handling the problems confronting the farmers to-day, then let it be put forward bv those who were criticising. The Hon.• -T: Bloodworth opposed the bill. 5 He ; said that it departed from the'recommendations of the Dairy Commission, though the legislation was supposed to be based on its report. Sir Francis Bell said that he did not believe that the plan proposed was the best. It was essential that dairy farmers should be prowled with sufficient money to equip their farms -with apparatus to ensure cleanliness, as the quality of the Dominion's products was impaired. The bill stated that the country was not to be liable lor the bonds, but the country must ,be liable. Why should 23.700 workers' Mortgages,, which were not connected with the farming industry, be transferred to tne corporation ? Sir James Allen said the Government should make a statement as to how far the existing legislation dealing with State Advances loans would be put into operation. The Hon. W. Perry said that the one aspect .of the, bill which appealed to him "was the "amalgamation of - the- 'Government departments., as the corporation ■was free from political influence.