LONG TERM MORTGAGES

Wanganui Chronicle, Volume LXXXIII, Issue 19871, 20 June 1927, Page 7

LONG TERM MORTGAGES

BANK OF N.Z. SCHEME A commencement made. DETERIORATION OF LANDS. [ Special " Chronicle ” Service. ] WELLINGTON, June 18. The position with regard to the Bank of New Zealand’s long-term mortgage scheme was explained at yesterday’s annual meeting of shareholders by Mr. R. W. Gibbs, the acting-chairman of directors, who said:— You will naturally want to know how this deparement is progressing. There was necessarily some delay in settling the details, and we were not prepared to consider applications until early in tho year. Since then numerous applications have been received, many of them unfortunately outside the range of safety, and these have had to be declined. The figures in the balance sheet will, however, show that a satisfactory commencement has been made, and from inquiries coming to hand we have reason to consider that the inau guration of the scheme was justified and will prove successful. Since our books were closed at March 31, further loans in this department have been approved for £68,600. Farm Properties. There has been a slight improvement in the demand for country lands, and many properties in the hands of mortgagees can now be bought at a reasonable value. The investigations of the Deteriorated Lands Commission have shown that there is now no unimproved value in considerable areas of land which the Government Land Department has put on the market during the last twentyfive years. The position has been mot, to some extent at any rate, by the remission of overdue rent and a reduction in the rent to be paid in future. Whether the concessions made are sufficient to enable the occupiers to make headway remains to be seen. If necessary, the Department will, no doubt, act still -more liberally in dealing with these occupiers, many of whom have had a hard struggle of recent years.