MORATORIUM EXTENSION

Waikato Times, Volume 94, Issue 14616, 17 March 1921, Page 5

MORATORIUM EXTENSION

CASES OF HARDSHIP COVERNMENT'S FUTURE PROPOSALS REFERENCE TO SUPREME COURTS. (By Telegraph.—Special to Times.) WELLINGTON, Wednesday. The Mortgage Extension Bill, which extends Ihe moratorium until Hie end Of tnis year, was passed by the Legislative Council to-day. « The Attorney-General (Sir Francis Bell) told the Council that the extension could not continue indefinitely. There were many eases where the mortgage term ought to be extended, and many other eases where it ought nut to be. Some mortgagors were liking an unfair advantage ol* the mortgage. Parliament had given both parties the right to appeal to the Supreme Court for an adjustment of the term and interest on a fair basis, and this rig-lit ought to be used. His sympathies were almost entirely with the mortgagors, but some very hard cases were brought to the notice of the Government by mortgagees. Some men who had sold their properties on terms before going to the war had returned to find mortgagors who were flourishing on their properties doing their best to a'oiii payment of money due behind thd protection of the moratorium. This was not the right state of affairs. So far as he could speak for the Government concerning the legislation to bo brought down later in the year there would lie an end of these extensions unlets the mortgagor and mortgagee would accept the decisions of the Supreme Court.