MORTGAGE BURDENS.
SUCCESS OF MEDIATION.
Jn February last the Valuer-General 'was appointed to inquire into the financial difficulties of dairy farmers in different part of New Zealand, and, (among other things, to mediate as opportunity 'occurred. He acted in the capacity of intermediary in cases 'where there appeared to he possibilities of effecting satisfactory arrangements 'by the mutual consent of mortgagees and mortgagors. According to the Budget statement, in sjxty-nlne Oases the mortgagees were induced to igrant more or less substantial measures of relief to mortgagors who were unable to fulfil their obligations. The nature and extent of the relief varied considerably. In some cases mortgagees wrote off' arrears. of interest ■wholly or in part, or reduced the rates of interest. In other cases mortgagees surrendered the Whole or portion of the principal sums of the mortgages where these sums represented balances of unpaid purchase moneys. In a case where three mortgagees ■were interested in the same property the total principal sums surrendered amounted to £15,000. and the total arrears of interest written off amounted to £1287. Undoubtedly the success attained through mediation had the effect of inducing 4'very" large humher of mortgagees to grant relief to .mortigagors.
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Waipa Post, Volume XXI, Issue 1282, 17 August 1922, Page 4
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198MORTGAGE BURDENS. Waipa Post, Volume XXI, Issue 1282, 17 August 1922, Page 4
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