MORTGAGES TO STATE

Waikato Independent, Volume XXXI, Issue 2449, 7 March 1931, Page 5

MORTGAGES TO STATE

SOLDIER SETTLERS’ PAYMENTS. At a recent meeting of soldier settlers in the Morrinsville district the payments by soldier settlers under mortgages to State lending departments, formed the subject of resolution to the Prime Minister. The member for Waikato, Mr F. Lye, has now received a reply from Hon. G. W. Forbes, wffiich he has handed on to us for ' publication. Tho communication will be of considerable interest to soldier settlers at To Miro and in other parts of this district. Mr Forbes wrote: —“No doubt the meeting included the Public Trust Office among the departments concerned, but the position is, of course, that the moneys lent, by the Public Trustee do not belong to the Government, but are trust funds, the property of beneficiaries jn estates under administration by the Public Trustee. Consequently, the Public Trustee is bound by the restrictions which are imposed by law on‘trustees in general. “In the present difficult condition, he must, of couse, look first to the interests of his beneficiaries, but, subject to this, I am informed that ho is doing everything possible to avoid any harsh or arbitrary action against mortgagors who arc dong their best to fulfil their obligations. “ Loans by the Rural Intermediate Credit. Board, whether direct or through Co-operative Rural Intermediate Credit Associations, arc in an analagous position, as Parliament has constituted the debentures issued by the board authorised investments for trust moneys, and the board is in duty bound to take effective measures to protect against, loss the funds entrusted to it by its debenture holders.’’