GOVERNMENT PRAISED

Taranaki Daily News, 11 April 1935, Page 7

GOVERNMENT PRAISED

FINAL ADJUSTMENT ACT

OPINIONS OF MR. C. A. WILKINSON.

HELPFUL LEGISLATION PASSED.

TRIBUTE PAID TO MR. J. G. COATES.

Appreciation of the Government’s efforts to help the farming community by the passing of the Mortgagors’ Final Adjustment Act was expressed by Mr. C. A. Wilkinson, M.P., in an address on mortgage legislation to farmers at Eltham last night. After listening to his explanation the meeting echoed his opinions.

Mr. Wilkinson regretted that some farmers, who possibly did not fully understand the scope of the Act, were still apparently not satisfied. He considered it a big step forward though he preferred his own plan to the Government’s legislation of which the Act was part. Where farmers were unable to carry on the Bill recognised the principle of capital reduction on farm mortgages, stock and other debts without the stigma of bankruptcy. The Bill was opposed by Labour and some of the Independents, but great credit was due to the Government for putting the measure through, especially to Mr. Coates and the Taranaki members. “Much has been made of the sanctity of contracts,” proceeded Mr. Wilkinson, “but marriage, the most sacred contract before God, is annulled frequently by divorce, and in bankruptcy debts are annulled. Further instances of interference with contracts may be found in the American gold clause, Britain’s war debt payments, Britain’s departure from the gold standard and the debt obligations of France, Germany, Italy and Russia. On general principles it is the interests of 1’ -' community that have the first consideration of all Governments. Constant changes are inevitable and history shows us that natural forces have a way of laughing, off the obstacles in the way of readjustments. “The Chief Justice of the United States of America said regarding cerf- ’ contracts: ‘The question is no longer merely that of one party against another, but of the use of a reasonable means to safeguard the economic structure upon which the good of all depends.’ ” If complaints were made as to the five-year budgetary period they could refer to the fact that several thousand years ago a most significant and spectacular event took place. Under the leadership of Moses the Israelites began their exodus from Egypt towards the Promised Land, where they were to find their new home and form a new nation. They were 40 years in the wilderness, but the land was none the less abundant when they did arrive. Could his friends not take a lesson from this? At the conclusion of Mr. Wilkinson’s address appreciation was expressed of the Government’s attempt to meet the mortgage difficulty of the farmers. The Taranaki members of Parliament were specially thanked for their efforts in connection with the passage of the Act.