MORTGAGES EXTENSION ACT.

Star (Christchurch), Issue 12726, 22 August 1919, Page 6

MORTGAGES EXTENSION ACT.

DEPUTATION TO ATTORNEYGENERAL. [Per Press Association.] WELLINGTON, August 21. nu " e P u t ,a G° Q from the Wellington Chamber of Commerce and the Society ni.T tm<S n’' aitai on Sir Erancis •° c *. Attorney-General, recommending a sliding scale under the Mortgages Ex° tension Act and that mortgagees have the right to charge a minimum rate of interest of 6 per cent on a mortgage claiming protection. ° Sir Francis Bell said that the date August 31 was fixed for the expiry of the Act. Before that time the Expiring Laws Continuance Act would come into operation and extend it for a year and during that year the Government would proceed to legislate. His idea was to extenc the whole operation of the Act until December 31 1920. A sliding scale proposal had been carefully con siderod by himself, and he thought that if they would consider it fully they would find it could be unjust in its operation. He could not give an answer at once to the question of a pro" vision for charging a penal rate of interest.

Replying to a question. Sir Francis said he thought he could agree to the charging of a penal rate in certain circumstances.