RURAL FINANCE

Southland Times, Issue 22157, 27 October 1933, Page 8

RURAL FINANCE

MORTGAGE BURDEN RELIEF URGENTLY NEEDED FARMERS ALARMED (Per United Press Association.) Wellington, October 26. Questions of rural finance, particularly the methods of relieving the present burden on the mortgagor, were discussed by the Dominion executive at a meeting of the New Zealand Farmers’ Union to-day and a series of resolutions carried. The resolutions will be presented to the Hon, J. G. Cobbe by Messrs W. J. Polson and F. Waite. The following three have been suggested as urgent amendments to the present acts which should be consolidated and extended before the expiry of the present legislation on December 31: That in order to make possible an equitable pooling arrangement between the Commissions and the Courts’ power to all parties, the Act be amended to give bond-holders of chattel securities as well as land mortgages and the mortgagor. That the Act be amended to ensure that when the court is disposed to vary materially the recommendations made by the Adjustment Commission, no such material alteration shall be made in the conditions on which relief is granted until the variations are referred back to the Adjustment Commission for further report. That legislation be enacted enabling the various mortgagors relief commissions to recommend reductions in the principal vendor mortgages in addition to those of interest when considered advisable and reasonable.

The remaining clauses deal mainly with the desire of the union to have some comprehensive scheme for a reconstruction period. Members of the executive believe that some constructive scheme is urgently required as many farmers are very apprehensive over what may happen when the present legislation ceases.