THE MORATORIUM.

Hawera Star, Volume XLVIII, 12 June 1924, Page 11

THE MORATORIUM.

STATEMENT BY THE PRIME MINISTER. In an interview with a Star reporter this morning, in discussing the moratorium, Mr Massey said that the preS * n L l , )( ? sitiou , was that iu the first Act u and all the legislation since, there had always been provision enabling a mortgagee to apply to the Supreme Court for exemption’ from the restrictions on enforcement ot mortgagees' lights in any special circumstances, and there had been in each Act an indication of the grounds upon winch the Supreme Court might afford such lelief to a mortgagee. Through-, out the legislation the Supreme Court had always been empowered, if the haidship on the mortgagee was greater than that which the mortgagor Would suffer, to permit the mortgagee to enforce his rights under the mortgage forthwith. b

Mr Massey said the matter had ;vecei\ed very careful consideration for some months past, and a Bill wp.s now being prepared empowering the Supreme Court, upon the application of a mortagor to extend on special grounds the date for the payment of the principal money beyond the end of the present year. But except in cases where a Supieme Court judge upon special grounds made such an order, the whole process of restriction of the rights of a mortgagee would terminate at the end of the present year.