LEGISLATIVE COUNCIL

Timaru Herald, Volume CXXXIX, Issue 20064, 22 March 1935, Page 11

LEGISLATIVE COUNCIL

MORTGAGE CORPORATION BILL By Telegraph—Press Association WELLINGTON, March 21. In the Legislative Council to-day the debate was continued on the second reading of the Mortgage Corporation of New Zealand Bill. The Hon. M. Fagan said the position of farmers was not entirely due to the depression, but was attributable to extensive gambling in land between 1917 and 1929. He said he would oppose the Bill at every stage as it submerged and destroyed the valuable State lending departments. The Hon. C. J. Carrington said that he could not support the Bill unless it was altered in certain circumstances. He considered that other means could have been devised to meet a difficult situation. The Hon. W. Hayward said that the Bill must be accepted as the considered opinion of a majority of the members of the House, and as such was entitled to careful consideration, but he was prepared to say that the legislation was both unnecessary and dangerous. The Hon. D. Buddo said that no country could afford to neglect agriculture. It was essential that something should be done to stabilise farm mortgages in New Zealand. The Hon. V. Ward said the State Advances Department would continue to function under the corporation and carry out the department’s original function of lending money to workers and settlers at a Jow rate of interest. The Council adjourned until 10.30 a.m. to-morrow.