THE MORATORIUM.

Taranaki Daily News, 13 September 1919, Page 3

THE MORATORIUM.

ATTORNEY-GENERAL'S NEW MEASURE. By Telegraph.—Press Association. Wellingon, Last Night. A Bill, entitled The Mortgages Extension Bill, has been introduced into the Legislative Council. The Bill is njerely a consolidation of all the legislation of the war period dealing with the extension 'of mortgages*. The Act never did extend mortgages. What it did was to t'eclure that a mortgagee must not exercise certain powers under a deed of mortgage without leave from the Supreme Court. The new Bill pror/otea to re-enact two sub-sections which belonged to thjc original Act, but which were repealed in later legislation. These sub-sections declare, in effect, that the Supreme Court may increase the rate of interest payable under a mortgage the term of which lias expired, and that the Court may consider hardship on either of the parties by the continuance or by determination of the mortgageThe Bill in effect extends the Act until December 31, 1920, with this difference that it is not to apply to mortgages contracted after the passing of the Act. This is apparently an indication of the intention of the Government in dealing with this very difficult problem of mortgages. kSir Francis Bell said some time ago, when he was waited on by a deputation of Wellington business men complaining that he did not consider any of the schemes in Australia for/the calling up of mortgages at different times, his own inclination was simply to extend the operation of the Act for a considerable period, giving the mortgagors ample time within which to make arrangements to pay off existing loans or to renew them. He expressed the opinion that already most mortgages had been renewed, and that only an inconsiderable number of people were taking advantage of the Act.