A CRADUATED MORTGACE TAX.

Dominion, Volume 2, Issue 490, 24 April 1909, Page 10

A CRADUATED MORTGACE TAX.

... Sir,—l. belieTo -We'fypno agrees that it is in the interest'of t% Dominion, as a whole that - a plentiful supply, of . cheap money he ■ at all times' on country and other . 'those who.-are working .'for ; the -diWppmeijt ;of : . this country, ana most .peels' .TOjji.sgrce'.'that. those Who are. people's neces'sities, »6wirig. to..present state of money market, shbyjdyi'ol'ch'?ckcd charging usurious ratgs'.pf' interest ;6n ( first-class . securities, ffiier&vhas .beon great outcry 'against the tax,_ and; in, many cases right'iy^fiT-klyhat,Lxvohld suggest is that an into the existing law, the ; effect That EioneyS-.-loanedlon mortgage at 5 j>er cent.' ijßi*itinSaiK£ff«a'i!B6afi6Hgo6e:fax;'that over 5. and) under. 6i per .cent be -faxed at present all!,first..,mortgages bearing interest at 'a higher rate than 6J per cent, ho chargcd -double the existing mortgage tax rates; that second mortgages of amounts loaned'over'two-thirds the actual value of the propefti(ss, 'fhey«ar% t lent on, no' .tax be charged apjtoi6i;j)erl<;ent. j.the' present tax to be charged up to 8 per'ccrit., and over that, atnwnt r rdoublc: mortgage fax rates be bhargedi.r'.The'.need.- for tho stipulation that

■only moneys' lentJ.over and above two-thirds actual value of properties on second mortgage bo :inserted,-ns' to /prevent lender evading Hho;law J by ieridihg' a" small amount on first mortgage and. the built on second or samo property, at a high.rate of interest.—l am, etc., H.ERNEST LEIGHTON., Wellington,' April 21; 1909.