MORTGAGES MUST REMAIN
ESSENTIAL FOR STABILITY. •. “ There are still people who clamour for the lifting of land mortgages,” said the Hon. C. E. Macmillan last Monday evening. “If they only stopped to think they would see that this was impossible. Practi- •, eally every person has an interest in the land, and .investments in the Dominion amount to £140,000,000. Every civil servant who hopes to draw superannuation has an interest. Eveiy person who has a life insurance has an interest in the land, as all insurance companies invest in the land, and have their interests there. But if mortgages were wiped out where would their guarantees come from if their securities were tampered ■with’ If in the face of these facts is still demanded, then all I can say that we have departed from everything that taught us to save and invest, and that to do such a thing would mean the complete scrapping of oiir system of finance till there was no security at all left.”
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Waipa Post, Volume 48, Issue 3468, 19 May 1934, Page 7
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166MORTGAGES MUST REMAIN Waipa Post, Volume 48, Issue 3468, 19 May 1934, Page 7
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