CORRESPONDENCE.

Colonist, Volume LVIII, Issue 14482, 14 August 1917, Page 6

CORRESPONDENCE.

L EARLY CLOSING. 1 (To tho Editor of "The Colonist."). , Sir, —In his attempt to Tselittle tho ' significant bearing of the Mortgages Extension Act upon the subject, of our I discussion, "Fair Play" has given ac-; i! curately enough, the greater part of •. 3 and clause 10 of that Act. I I But even in giving only so much he has fully substantiated my statement to the offect that the State had „ ruthlessly stepped in and interfered with contracts that had been solemnly entered into be- • fere the commencement of the war. For ; - even $he comparatively mild clause 3 abolished the simple "and straightforward procedure that was previously provided for by the conditions of all, mortgages atid substituted in place i thereof all tho expense, delay, and un-! . certainty that attaches to an- action; > taken into the Supreme Court. But ■ how can "Fair Flay" justify his stopi ping short at clause 3of the Act ? Was • it in ignorance or was it by design { > that ho suppressed all reference to: , clause 4, which was the clause to which > I more particularly referred in my • former letters ? ' After his contemptible ; tactics in deliberately misrepresenting imy attitude towards conscription, one - is _ naturally suspicious. As anyone fa- , miliar with the Act would have imme-j > diately recognised, it was clause 4' : 'which provided me with the chief oxam- : pie I put forward'of the State abrogat- ) ing for the welfare of the community a clear and explicit contract. Every mortgagor had covenanted to repay hfs loan upon a certain date, in default of • which he had agreed that the mortgagee should enter into possession of the pro-j perty which had been mortgaged and deal with it in a certain prescribed man- : ner. Here indeed was a very tangible ■ ''scrap of paper," setting- forth a con- . tract between two parties in clear and . explicit terms. Again I ask, what ; similar scrap of paper can "Fair Play" ■ produce on behalf of the liquor sellers? • When, where, and by whom was any . promise given that the licensing law . alone of all tho laws of the land should ! not be liable to alteration to meet the . needs of the time? But the particular covenant in all mortgages to which I ; have referred was .absolutely cancelled by the State. By the clause which i "Fair Play" has so strangely overlooked the right of the mortgagee to enter into possession upon default of payment of the principal was absolutely abolished, and no redress could 'be obtained even by an action m the Supreme Court so long as interest was paid. This is precisely what I stated in my former letters, neither more nor less. Who then has been guilty of ignorance of the Act, or of distorting its meaning, "Fair Play" or myself? So • drastic, howef/er were this and other clarises of the Act recognised to be. that as the danger of a financial crisis i passed away they were from time to time gradually modified, and six months after the war they will cease to operate altogether. Then, according to "Fair Play's" way of putting things, Shylook will come into his own again. But "Fair Play" makes it a ground of complaint that I have a much more tender sympathy for the mortgagee than for the liquor seller. That is most empliatically. the case,, thougt;>' despite "Fair Play's" insinuations, I am,not and never have been a mortgagee myself. But I recognise that the mortgagee performs an important pnd valuable m the economic life of the community. As-the-.possessor-of capital he lends it, say, to a farmer having thp.-other, essentials for the production of voalth, namely, land .and- labour. The transaction is of mutual benefit to both parties and highly conducive to the increased wealth and welfare of the'country. What, on the other JianH, are we to say of-Fthe Trade"? It is.merely a fotil cancer on the body politic, destructive-alike of the wealth, health, and happiness of the people. The pigns of tho times clearly indicate that all civilised nations are awaking >nore and move to i recognition of this fact, and will oro long extirpate tho evil root and branch. I ani ; etc., F. G. 'GIBBS. Peppermint Cnrs. Never fails. 1/6, 2/S "a lu2nßnr& take Woone' Great