ASSISTING THE FARMER

Taranaki Daily News, 25 February 1931, Page 9

ASSISTING THE FARMER

ADJUSTMENT OF MORTGAGES

VOLUNTARY ARBITRATION PLAN.

SOUTH TARANAKI EXPERIMENT.

Recently tile South Taranaki provincial executive of .the ;Farmers’ Union discussed a scheme for the purpose ot bringing together farmers and the holders of mortgages including mortgages covering the balance of purchase money. The idea was to form a tribunal to investigate cases of,distress, and the meeting appointed a committee to make a following circular is to be issued to-day:— ", “In order to offer some -assistance to farmers this ■ provincial executive has set up a special committee to deal with difficulties between mortgagee and mortgagor arising out of the present economic depression. The-members of the board will act in an honorary capacity and the submission of differences will; of course, be purely voluntary, but it is felt that if only a small number of cases are satisfactorily dealt with the establishment of the committee will be fully justified. “All must realise the necessity ol keeping up production in New> Zealand, so long as it can be done on economical and sound lines. In most cases the best way to achieve this is to let the present occupier of the farin do it, provided he is capable of the job. “It appears impossible to finance the majority of farms for the 1931-32 season without some definite arrangements, because the mortgagee -s necessarily seldom prepared to allow any property over which he. holds security to be worked for a year without any prospect of receiving at least some interest, if the returns from the farm-warrant’it, except in those cases where the. amount of the mortgage on tho land is small enough to allow for the capitalisation of the interest. Similarly the banker cannot be expected to advance money for the growing of various crops or the production of milk,. wool and lambs without some assurance that the mortgagee will not go into possession, because ■ interest is overdue, before the crops have been harvested. With the dairy and sheep farm, there is the necessity of knowing that the stock can remain on the property till the end of the season. ' . . “The advice of the Land Charges Adjustment Committee is available, to all farmers in the South - Taranaki provincial District as an effort to bring about an equitable, compromise between the interested parties. “All applications for consideration will be treated in strict confidence and no charge will be made for the advice, but where it is necessary to have a valuation inspection made the expenses of such valuation will be paid by the applicant. “The personnel of the committee is as under: Valuer, A. T. Wills, Cameron Street, Hawera; solicitor, . T. A. Kmmont, Hawera; banker, h. R. b- Da* c > manager, Commercial Bank of Australia, Ltd., Hawera; practical farmer. H. E. Johnson, Tokapra; accountant, E.' K. Cameron, public accountant, Hawera; Farmers’ Union, one nominee to be appointed; Parliamentary, H. G. Dickie and C. A. Wilkinson, members of Parliament for Patea and Egmont electorates.” , . ;

SIMILAR ACTION IN DUNEDIN.

OTAGO FARMERS’ SUGGESTION.

Dunedin, Last Night. • On the subject of farm finance the followin'* resolution was carried to-day bv the Otago provincial executive ot the Farmers’ Union: That the Governmen bo’ asked to establish a mortgage apd finance adjustment board in each district, such x boards to endeavour to arrange adjustments between mortgagor and° mortgagee. In the event of <m“reement this board should have power to declare a moratorium for a deumte period on that mortgage, and the board should also have power to make a periodically equitable disbursement of all income from the farm.